$27 million bet in Tennessee in first week
NASHVILLE (WDEF) – Tennessee’s new sports betting law went into affect in the first week of November (during the election).
The Tennessee Lottery is regulating the online wagering companies handling the bet.
And they have now reported the gambling numbers from the first week.
Gamblers put down $27,402,000 in bets which translates to $509,000 in state taxes.
80% of the tax goes to the Lottery for Education account.
15% goes to the state General Fund.
5% goes to state programs for gambling treatment.
“In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee,” TEL President and CEO Rebecca Paul Hargrove said.
“These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.”
Tennessee’s gambling law permits wagering on sports by internet, mobile device or other telecommunications platforms. The companies have developed apps for it.
You must be 21 or older and physically in Tennessee to place a wager.
The Tennessee Lottery does not run the betting, but overseas the vendors.