$27.4M wagered during first 8 days of sports betting in Tennessee

Tennessee

NASHVILLE, Tenn. (WATE) — More than $27 million was wagered during the first 8 days of legal sports betting, according to the Tennessee Education Lottery. That’s an average of about $142,719 an hour, or $2,378 per minute.

On November 1, the day sports betting was launched, more than $5.1 million was wagered. The adjusted gross income (AGI) was $800,000, and the total tax was $160,000.

From Nov. 1 – 8, over $27.4M was wagered, the AGI was over $2.5M, and the total tax was $509K.

Day 1: November 1st (Launch)

  • Total Amount Wagered (11/1): $5,110,000
  • AGI (Adjusted Gross Income): $ 800,000
  • Total Tax: $ 160,000

Week of November 2-8

  • Total Amount Wagered: $22,292,000
  • AGI: $ 1,746,000
  • Total Tax: $ 349,000

Total: November 1 – November 8th

  • Total Amount Wagered: $27,402,000
  • Total AGI: $ 2,546,000
  • Total Tax: $ 509,000

“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.”

Something to note: The TEL says that by statute, quarterly, 80 percent of the tax collected will go into the Lottery for Education account, 15 percent will go to the General Fund to be remitted to local governments on a per capita basis, lastly, 5 percent will go to the Department of Mental Health and Substance Abuse Services.

Tennessee state law permits wagering on sporting events via the internet, mobile device, or other telecommunications platforms. Customers must be at least 21 years old to play and physically located in Tennessee at the time a wager is placed.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss