Tennessee state Rep. and Minority House Leader Rick Staples recently filed HB0001, the Tennessee Sports Gaming Act, which would establish a Tennessee gaming commission to regulate sports wagering. Under the proposal, citizens could petition their local government to legalize sports betting in their community. If at least 10 percent of voters approved, approval of sports betting would be placed on the ballot for the next election.
The bill also would tax gross income of sports betting license holders at 10 percent, to be paid monthly. Forty percent of the collected taxes would go to the state general fund, 30 percent to community and technical colleges and the remaining 30 percent to local governments, which would be required to use half the funds for public schools and half for local infrastructure projects.
“Sports betting books would be set up in any bar or restaurant that wants to attach themselves to anyone in the industry as long as they pay the state business tax business fees to set that up. Also it could be set up by third parties that are in the arenas that the professional teams are in. This allows beyond that $2.2 million. They would make a lot of money in taxes collected by having this in local bars or restaurants. And once again those local dollars are going to road improvements, infrastructure and schools so the dollars coming into the locals are earmarked,” Staples explained.
State Senator Brian Kelsey announced he’ll introduce sports betting legislation in the Senate. He noted a constitutional amendment would not be required to implement the legislation, although state attorneys are researching that issue.
Governor-elect Bill Lee stated he opposed sports betting throughout his campaign, stating the lowest-income residents of Tennessee would be the most impacted by the gambling expansion.
