It’s been five years since Tennessee lawmakers rolled the dice and passed a bill legalizing online sports wagering, and since then, more than $13 billion gross wagers have been made with nearly $240 million of that money going back into the state.
Before the law passed making sports betting legal, lawmakers said an estimated $3 billion was being illegally wagered in the state. The law legalizing sports wagering established protections for consumers and a way for Tennessee to cash in on sports entertainment.
Nearly $240 million of that money, called the privilege tax, has been reinvested back into the state. Eighty percent of the money funds the HOPE Scholarship, 15% goes to local governments for infrastructure projects and emergency services, and 5% goes to the TN Dept. of Mental Health for responsible gaming initiatives and treatment.