Tennessee became the newest state to legalize sports betting in November 2020 with over $131 million wagered in its debut month. The Sports Wagering Advisory Council has taken over regulatory duties of sports betting in Tennessee, with the Tennessee Education Lottery serving as an advisory role. As more states are legalized and more operators come to Tennessee, it will be interesting to see how much money is bet there and what type of taxes they collect from these operations.
Sports Betting 2021 Wrapping Up
In November 2021, bettors in Tennessee wagered $365.7 million on sports with an average of more than $12 million a day. Sports betting was down from the previous month but up almost 180% from the same time one year ago. Tennessee collected $5.9 million in taxes – 20% from the revenue collected from online partners last November alone.
In the 13 full months the state collected $41.4 million in taxes, 80% of which goes to the department of education, 15% to local governments for infrastructure and 5% goes to efforts to help combat mental health issues and substance abuse.
The gamble appears to have paid off for Tina Hodges and the state of Tennessee
Action 24/7’s president, Tina Hodges, is a small-time gambler who started her own company going head-to-head with some of the world’s most well-known online Sportsbooks. Action 24/7 is the only Tennessee-based Sportsbook option out of the nine that is currently running.
Sports betting in Tennessee has been a big success and it’s only going to get bigger. “We are signing up new customers everyday, and we’re excited about the future for Action 24/7 in this industry, said Hodges. We are looking forward to another banner year in 2022. We do not see a slowdown in the short term for Online Sports Betting in Tennessee.”