Tennessee sports betting tax revenue hits $5.4M in 2 months

Tennessee

FILE – In this May 2, 2019, file photo, the DraftKings logo is displayed at the sports betting company headquarters in Boston. DraftKings shares jumped 4% in morning trading, Wednesday, Sept. 2, 2020 after announcing that basketball legend Michael Jordan would take an ownership stake in the company in exchange for becoming a special adviser to the sports betting site. (AP Photo/Charles Krupa, File)

NASHVILLE, Tenn. (AP) — Tennessee officials say the state’s online-only sports betting program has seen $312.3 million in gross wagers in its first two months, yielding $5.4 million in privilege taxes.

The Tennessee Lottery announced figures Tuesday showing $180.9 million in gross wagers, $167 million in gross payouts and almost $3.1 million in privilege tax revenues from sports betting in December. All three topped the totals from November.

Eighty percent of the tax 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.

Four sportsbooks are operating. Three more could be by the Super Bowl.

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