Since debuting on November 1, in its first six months mobile-only sports betting in Tennessee produced $18.5 million in tax revenue, according to Tennessee Lottery Chief Executive Officer Rebecca Hargrove. Gross handle from sports betting has surpassed $1 billion, Hargrove recently informed the state’s Sports Wagering Advisory Council’ that figure included $2.8 million in tax revenue in April from a $172 million gross handle. Currently seven sportsbooks take bets in Tennessee and two more have applied, Hargrove said.
Eighty percent of the revenue goes to an education account; 15 percent goes toward local governments; and 5 percent goes to problem gambling services.
On January 1, 2022, sports betting regulation will be transferred from the TELC to the 9-member Sports Wagering Advisory Council. Governor Bill Lee is expected to sign the enabling legislation soon. Hargrove said, “We are elated with the legislation and how it passed. You can tell us what you want us to keep doing and what you don’t.”
Both the Senate and House passed bills transferring oversight of sports betting to the new council Over the next seven months, the advisory council will hire an executive director and staff, lease offices and develop sports betting regulations.
