MEMPHIS, Tenn — In tonight’s Ransom Note: sports betting week one.
Being among the first states to legalize online sports betting, nobody really knew for sure what to expect after its first week in Tennessee.
But now the first numbers are in from the state lottery.
The online publication, TNJ: on the Hill, reports 27 million dollars worth of wagers in just the first week.
And what did Tennesseans want to place their bets on:
- 60-percent bet on NFL games
- 40-percent on college games.
Here’s how that haul breaks down.
23.9 million was paid out, leaving a gross income of 2.5 million and tax revenue of 509-thousand.
State law says 80% of the tax revenue goes into the lottery’s education account. 15-percent goes to cities and counties on a per capita bias. And 5 percent goes to gambling addition programs.
The sportsbooks are happy, apparently the fans are happy, and the state is happy, too.
I gave up on being able to beat the odds years ago but it seems safe to say that, at least so far, sports betting was a safe bet in Tennessee.