NASHVILLE, Tenn. (WTVF) — In the first week of online sports betting in Tennessee, the state collected more than half a million dollars in taxes.
The Tennessee Education Lottery (TEL) released the wagers and taxes from online sports betting from Nov. 1 - 8 on Monday afternoon. TEL oversees the licensing and regulation of online sports wagering in Tennessee.
“In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee,” TEL President and CEO Rebecca Paul Hargrove said in a press release. “These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.”
Day 1: November 1st (Launch)
- Total Amount Wagered (11/1): $5,110,000
- AGI (Adjusted Gross Income): $ 800,000
- Total Tax: $ 160,000
Week of November 2-8
- Total Amount Wagered: $22,292,000
- AGI: $ 1,746,000
- Total Tax: $ 349,000
Total: November 1 - November 8
- Total Amount Wagered: $27,402,000
- Total AGI: $ 2,546,000
- Total Tax: $ 509,000
On a quarterly basis, 80 percent of the tax collected will go to the state treasurer for deposit into the Lottery for Education Account; 15 percent will go to the state treasurer for deposit into the General Fund to be remitted quarterly to local governments on a per capita basis, and 5 percent will go to the state treasurer to be allocated to the Department of Mental Health and Substance Abuse Services to oversee grant programs for problem gambling treatment services.
