$27M in online wagers placed in first week of Tennessee sports gaming
Bettors placed $27 million worth of wagers in the first week after the launch of only sports gambling in Tennessee.
Tennessee Lottery head Rebecca Hargrove said Monday that sportsbooks paid out $23.9 million, leaving them with an adjusted gross income of $2.5 million for the period covering Nov. 1 through Nov. 8. The state’s tax on that amount totaled $509,000.
Of those tax collections, 80% will be deposited into the Lottery’s education account, 15% goes to cities and counties on a per-capita basis, and 5% is dedicated to gambling addiction treatment programs within the state Department of Mental Health.
Most of the betting action has focused on football, with 60% of wagers placed on the NFL and 40% on college games.
Four sportsbooks are operational in Tennessee: BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7. Hargrove said three more are in the process of applying and hoping to get up and running by the end of the year: Churchill Downs, William Hill, and WIN Interactive.
13 Responses to $27M in online wagers placed in first week of Tennessee sports gaming
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Legal gambling and booze is fine, but not legal cannabis. More hypocrisy from our conservative legislators.
Agree!! I used to live in a state that has legal cannabis and there are no problems with it. They have also decriminalized small amounts of other drugs too. Keeps people (especially minorities) out of jail and collecting money to help their families. Requires less police and court actions.
I inadvertantly left legal tobacco off my list. We all know how harmless that is.
First, I agree with Jonathan, where is legal cannabis? When conservative states like South Dakota and Mississippi pass it, why can’t we? Just stupid.
Anyway, no surprise on those betting numbers, considering the vast quantity of incentives the approved sportsbooks have been giving out. I imagine the numbers will settle down some when the novelty wears off.
Having witnessed first hand the incredible damage inflicted upon others- particularly children from all three of these vices (and yes I have my own I am trying to best), I’d be fine if they were ALL swept away. I suppose that is my pipe dream. Yet I’d be willing to bet the farm the whole state would be better off if we weren’t taxing and spending under the influence of these- like everybody else.
Amazing what our State Legislators allows Rebecca Hargrove to be paid year after year. More than the Governor & both Senators combined! The lottery is basically on auto pilot but she rakes it in year after year. What a scam.
Where does the extra 2 million go? Does it really cost 2 million a week to run the lottery?
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Thanks for the social problems, Bill Lee
Strange comment from a guy who knows and comments constantly about the store hours of countless liquor stores.
Not strange. Truthful. I know the people I am referring to and their drinking problems. Just encouraging them to stay away from keyboards (preferably always) when day drinking. No need for you to make comments any further about what I post. Cheers
Here’s how THIS blog works. Anyone can comment on anyone else’s comments. If you want to make the rules then start your own blog.
You’ll be just fine with my leadership and advice. It’s a proven entity.
Phillip, when she says “anyone “, her inept posts prove it!