Tennessee sports betting tops $18M in taxes in 1st 6 months

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Credit: MGN

NASHVILLE, Tenn. (AP) – A Tennessee official says that mobile-only sports betting has brought in $18.5 million in privilege tax revenue over the first six months that wagers have been accepted.

On Tuesday, Tennessee Lottery CEO Rebecca Hargrove told the state’s Sports Wagering Advisory Council that the gross handle of bets placed has topped $1 billion. She says that includes $2.8 million in tax revenue in April from a $172 million gross handle.

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Eighty percent of the revenue goes into an education account that mostly funds postsecondary scholarships. Fifteen percent goes toward local government needs and 5% funds gambling problem treatment programs.