Tennessee Sports Betting Revenue Skyrockets in December

The state of Tennessee witnessed a dramatic surge in sports betting income in December, reaching a staggering $180.9 million, as reported by the Tennessee Education Lottery. This marks the second month of legal wagering in the state and signifies a 5.3% jump from the preceding month.

In December, bettors placed a total of $180.9 million on sporting events, reflecting a substantial 37.7% increase compared to the $131.4 million wagered in November when the state’s regulated betting market first launched.

Tennessee residents claimed $167 million in winnings from sports betting, resulting in a $13.9 million profit for the four authorized operators – DraftKings, BetMGM, FanDuel, and Action 247 – an increase from the $13.2 million earned in November.

Following adjustments, the four operators collectively paid $3.1 million in taxes, based on the state’s current 20% tax rate on gross revenue.

Sports betting taxes are allocated among specific state entities, with 80% directed to the Education Lottery account and 15% to the Tennessee General Fund.