Tennessee Collected Roughly $2.4 Million In Sports-Wagering Tax Revenue During November – The Second Highest Sports-Betting Tax Rate In The Country.
The Center Square [By Vivian Jones]-
Tennesseans placed more than $131 million in bets during the first month of legal sports wagering – more than any other state’s debut month in the history of legal sports betting in the U.S., according to an analysis from PlayTenn.com.
Sports betting became legal Nov. 1 at the height of the NFL and college football seasons. During the month of November, Tennessee bettors generated $131.4 million in handle, according to data from the Tennessee Education Lottery.
That shattered the previous sports betting debut month record of $35.2 million, set by Indiana in September 2019.
“Our first month of sports wagering in Tennessee comes at a unique time in the world, let alone the sports world,” Tennessee Education Lottery President Rebecca Hargrove said in a statement.
A total of $13.2 million in winnings were paid out during November, also setting a new record for any state in its first month of legal sports betting.
The state collected roughly $2.4 million in sports-wagering tax revenue during the month of November, levying the second-highest sports-betting tax rate in the country.
Eighty percent of tax revenue from sports betting goes to the Lottery for Education account, 15% goes to state and local governments on a per capita basis and 5% goes to the Department of Mental Health and Substance Abuse Services to be used for problem gambling treatment services.
“It was a debut month like no other,” said Dustin Gouker, an analyst for PlayTenn.com. “With its growing list of operators, this is just the start for the market. The next question is when and if Tennessee will challenge Colorado and Indiana in terms of overall market size. It appears sooner than anyone expected.”
Sports wagering is only legal via the internet or mobile device. In order to place a bet in Tennessee, you must be 21 years old and physically located in the state. Residency is not required.
“As this new industry in Tennessee evolves, we will continue to work with licensees and registrants in support of a responsible and competitive sports wagering program,” Hargrove said.