Underdog Suing Tennessee Over State’s Effort to Enforce Gaming Regulations

Prediction market operator Underdog is suing the state of Tennessee after the state issued a cease-and-desist letter to the company pertaining to its event contract platform. In a complaint filed in the U.S. District Court for the Middle District of Tennessee (Nashville Division), Underdog, which is being acquired by IG Group (LON: IGG), named Tennessee Attorney General Jonathan Skrmetti and the Tennessee Sports Wagering Council (TSWC) as defendants. On the grounds that it is a Designated Contract Market (DCM) regulated by the Commodity Futures Trading Commission (CFTC), Underdog argues that it has rights to offer event contracts on a national…

Source: Casino.org