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Tennessee’s New Online Betting brings in Millions in Tax Money

Tennessee’s new online-only sports betting program saw $131.4 million in gross wagers last month, yielding almost $2.4 million in privilege taxes for the state, officials said Wednesday.

According to a Tennessee Lottery news release, sportsbooks made $118.2 million in gross payouts in November, the first month of sports betting in the state.

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

Legislative backers have said Tennessee sports betting could yield $50 million in tax revenue annually.

Lucky Knott

Lucky Knott

One of Southern Tennessee's most experienced and recognized news broadcasters and play-by-play sportscasters. Current news director for On Target News and manager of Rooster 101.5 FM. Knott can be heard on 93.9 The Duck, The Rooster 101.5 and Whiskey Country 105.1 and 95.9. He is currently the play by play voice of the Coffee County Red Raiders on The Rooster 101.5. Lucky has done play-by-play for over 3,481 sports events on Radio & TV. He also served 4 years as the Public Information Officer for the Coffee Co. Sheriff's Dept. and taught Radio/TV for 6 years at Grundy County High School.

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