You have permission to edit this article.
Edit
AP

Tennessee sports betting tax revenue hits $5.4M in 2 months

  • 1
  • 1 min to read

NASHVILLE, Tenn. (AP) — Tennessee's online-only sports betting program has seen $312.3 million in gross wagers in its first two months, yielding $5.4 million in privilege taxes, officials said Tuesday.

The Tennessee Lottery announced figures showing $180.9 million in gross wagers, $167 million in gross payouts and almost $3.1 million in privilege tax revenues from sports betting in December, all three topping the totals from November.

Eighty percent of the tax revenue goes into an education account that mostly funds postsecondary scholarships. Fifteen percent goes toward local government needs and 5% funds gambling problem treatment programs. Four sportsbooks are operating. The lottery hopes to have three more licensed in time to take Super Bowl bets, lottery CEO Rebecca Hargrove told state lawmakers Tuesday.

Legislative backers have said Tennessee sports betting could yield $50 million in tax revenue annually.

Sports betting narrowly passed in spring 2019. Republican Gov. Bill Lee let it become law without signing it due to his opposition to more gambling in a state without casinos. After the law took effect that summer, the lottery was tasked with coming up with rules and vetting operators and others looking to get into Tennessee's industry. Now the lottery regulates how sports betting is carried out.

(1) comment

CollegeGrover

One of the great scams of all times. Targeting low income and low educated citizens, especially in the minority communities. Why do civil rights groups not oppose an activity that takes millions of dollars out of minority neighborhoods?

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.