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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 General Manager Rooster 101.5 FM, 93.9 The Duck and Whiskey Country 105.1 and 95.9. He is currently the play-by-play voice of the Coffee County Red Raiders (28 years) on The Rooster 101.5 and can be heard M-F broadcasting our local news. Lucky has done play-by-play for 3,662 (and counting) 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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