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

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Posted at 9:55 PM, Jan 26, 2021
and last updated 2021-01-26 22:55:44-05

NASHVILLE, Tenn. (AP) — Tennessee officials say the state'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.

The Tennessee Lottery announced figures Tuesday 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 topped the totals from November.

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.

Four sportsbooks are operating. Three more could be by the Super Bowl.