NASHVILLE - Tennessee's Legislature is close to passing a bill that would make clear that fantasy sports betting is legal, but would also regulate it and put a tax on it.
The House on Monday night passed the Fantasy Sports Tax Act. The move came after the state attorney general issued a legal opinion earlier this month saying that fantasy sports contests are illegal gambling.
The Senate already has passed a similar bill but would have to agree to changes made in the House. The House version says online companies that offer the contests must be licensed by the state. The measure also generally limits players to betting no more than $2,500 per month, unless they can show that the limit should be increased.