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.