Tennessee saw $131M in Nov. sports bets; $2.4M tax revenue
December 23, 2020 GMT
NASHVILLE, Tenn. (AP) Tennessee’s new online-only sports betting program saw $131.4 million in gross wagers last month, yielding almost $2.4 million in privilege taxes for the state, officials said Wednesday.
According to a Tennessee Lottery news release, sportsbooks made $118.2 million in gross payouts in November, the first month of sports betting in the state.
Eighty percent of the tax revenue goes into an education account that mostly funds post-secondary scholarships. Fifteen percent goes toward local government needs and 5% funds gambling problem treatment programs.
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Legislative backers have said Tennessee sports betting could yield $50 million in tax revenue annually.