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Can you summarize TNCO 39-17-501?
Gambling > Part definitions.
Short Summary
This legal document defines and governs gambling in the state of Tennessee. It states that gambling is contrary to the public policy of the state and involves risking anything of value for a profit contingent on chance. However, there are several exemptions to the definition of gambling, including lawful business transactions, annual events operated for nonprofit organizations, state lottery, fantasy sports contests, accepting or placing wagers on sporting events, and low-level sports entertainment pools. The document also provides definitions for terms such as gambling bet, gambling device or record, lawful business transaction, lottery, low-level sports entertainment pool, and profit. It mentions that the definitions are intentionally broad to include any scheme where value is risked for profit. The document also includes comments from the Sentencing Commission and references to other legal sources and opinions related to gambling in Tennessee.
Whom does it apply to?
All individuals and entities involved in gambling activities
What does it govern?
Gambling
What are exemptions?
Lawful business transactions, annual events operated for the benefit of nonprofit organizations authorized by the general assembly, state lottery approved by the general assembly, fantasy sports contests conducted in accordance with the Fantasy Sports Act, accepting or placing a wager on a sporting event in accordance with the Tennessee Sports Gaming Act, low-level sports entertainment pools
What are the Penalties?
Penalties for violating the gambling laws are not specified in this document.
Jurisdiction
Tennessee