Betting

The Tennessee Education Lottery released its sports betting revenue report for the month of April on Tuesday, noting that Tennessee has become the first to cross the $1 billion mark in online sports wagers. 

A total of $1,077,844,523 worth of sports bets have been placed in Tennessee since wagering was legalized in November. As a result, $92.0 million in revenue has gone to the sportsbooks and the state has collected $18.3 million in taxes. Tennessee is the only state with an online-only sports wagering market.

Only eight states generated more than $100 million in sports bets during their first six months and New Jersey ($928,134,172) was the only other state to approach the $1 billion threshold. Indiana ($794,234,120), Colorado ($669,964,304), Iowa ($270,252,809) and Illinois ($201,869,803) were the only other states to wager more than $200 million in their first six months of operating, according to PlayTenn.com.

Sportsbooks took in $172.4 million in total bets in April, down 13.6 percent from March’s $205.9 million, which was inflated due to the NCAA Tournament. That generated $2.8 million in privilege taxes for the state. The Lottery divides the privilege tax among three different areas: scholarships and grants for students (80 percent); local governments for infrastructure projects (15 percent) and state-funded gambling addiction programs (5 percent).

During the first month of legalized sports betting, bettors wagered $131 million across Tennessee — which was more than Oregon, Rhode Island, Delaware, West Virginia, New York, New Hampshire, Washington D.C., Michigan, Arkansas and Montana have generated in their first six months. 

Tennessee currently has seven fully functional sportsbooks in the state: DraftKings, FanDuel, BetMGM, William Hill, TN Action 24/7 and TwinSpires with newly added WynnBET, which launched April 30.

(0) comments

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.