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Memphis News & Weather | Memphis, TN | WATN - localmemphis.com

Just two months in, Tennessee sports betting tax revenue hits $5.4 million

Tennessee officials say the state's online-only sports betting program has seen $312.3 million in gross wagers in its first two months.
Credit: FanDuel

NASHVILLE, Tenn. — 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. 

80% of the tax revenue goes into an education account that mostly funds post-secondary scholarships. 15% goes toward local government needs and 5% funds gambling problem treatment programs. 

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

The Tennessee Education Lottery Corporation is responsible for the licensing and regulation of online sports wagering in Tennessee. The Tennessee Education Lottery Board of Directors approved on April 15, 2020 the rules and processes to establish and support a responsible and competitive sports wagering program in Tennessee.