Tennessee saw $131M in Nov. sports bets; $2.4M tax revenue

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Posted at 4:28 PM, Dec 23, 2020
and last updated 2020-12-23 17:28:30-05

NASHVILLE, Tenn. (AP) — Tennessee officials say a new online-only sports betting program in the state saw $131.4 million in gross wagers last month, yielding almost $2.4 million in privilege taxes for the state.

A Tennessee Lottery news release Wednesday says sportsbooks made $118.2 million in gross payouts on winning bets 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 problems treatment programs.

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