Tennessee sports betting jumps 17% in January

About $211 million in sports bets were placed in Tennessee in January, a 17% increase from the previous month. Payouts were $190 million.

The state’s tax haul was $4.3 million, bringing the total to $9.7 million through the first three months since gaming went live in November.

Preliminary figures show $15 million worth of bets were placed on the Super Bowl, though final numbers won’t be available until the February numbers are released late this month.

For the first three months of gaming, Tennessee sportsbooks have taken $524 million in bets and paid out $476 million. While the law requires payouts to be no more than 90 cents on every dollar wagered, sportsbooks have been averaging closer to a 9% hold.

Here are the monthly betting numbers to date:

NovemberDecemberJanuary
Wagers$131 million$181 million$211 million
Payouts$118 million$168 million$190 million
Privilege Tax$2.4 million$3.1 million$4.3 million

9 Responses to Tennessee sports betting jumps 17% in January

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    Jonathan Swift says:

    Just think what the state tax haul would be on legal cannabis.

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      MARLE says:

      Depends on the price and the willingness to criminalize small quantity sales. Legal means bureaucracy and regulation to both grower and retailer and that adds price to the consumer. Illegal will cost less so it depends on how strict and enforceable the law will chose to be against street sellers.

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        David Collins says:

        Marle, I think enforcement on the illegal dealers would be fierce. Look at what happened when the lottery was voted in. Law enforcement got hot and heavy on arresting and prosecuting those running numbers games (and numbers is just a form of lottery). Word came down from the capital that every dime spent on numbers was one less dime spent on the state lottery. People had been playing the numbers game for eons and unless law enforcement just stumbled upon it, very very few ever got arrested or prosecuted for it. But after the lottery was voted in, it was Katy bar the door.

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          MARLE says:

          Well that’s not what’s happened in all the states that have already legalized it. In fact a documentary on the Fierce regulations on growers and their assertion that these costs were making legal product uncompetitive b/c law enforcement was lax. In addition to the lax enforcement for small street dealers the stuff can be grown on your own property and unlike the trouble and time spent in growing and processing tobacco or distilling liquor the “underground” ease and relative laissey faire laws makes profitability for the highly regulated legal offerings pretty tough.

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            Jonathan Swift says:

            A basic mistake that many states have made when legalizing cannabis is not legalizing the ability of people to grow their own for their personal use. This just continues the cynical paternalism of government trying to prevent people from growing certain plants on their own property. Of course, the loudest promoters of individual freedom seek to most control others.

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    Michael F Hannan says:

    And yet we are not able to have non-profit organizations have fundraisers so they can help support their communities. Ugh.

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    James White says:

    The state gets enough of our money, how about cutting taxes and not giving them other things to tax.

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    Beatrice Shaw says:

    EVIL GAMBLING and WICKED LIQUOIR!!!

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