Johnson City businessman appointed to regulatory online sports betting board

A Tri Cities businessman is one of three appointees to an oversight committee that will monitor online-only sports betting in Tennessee.

Commercial insurance company owner Hanes Torbett of Johnson City will join eight other regulatory board members in developing standards for betting which was passed by the General Assembly earlier this year to keep that gambling revenue from going to other states.

Businesses will pay $750,000 to operate betting services in Tennessee while the profits will be split with local governments, the state lottery and the Department of Mental Health.