Tennessee chalks up strong start to legalized online sportsbetting

Home » Tennessee chalks up strong start to legalized online sportsbetting

The first eight days of legalized online sportsbetting in the southern American state of Tennessee reportedly saw locally-licensed operators chalk up aggregated handle of about $27 million and pay out some $509,000 in tax.

According to a report from the news domain at SportsHandle.com, the jurisdiction of approximately 6.8 million people allowed sportsbetting operators to begin accepting wagers over the Internet from November 1 with combined handle for this first day alone having surpassed $5.1 million for a tax windfall of approximately $160,000. The source moreover detailed that this kick-off had coincided with the running of the 2020 Xfinity 500 NASCAR event as well as the Tennessee Titans franchise of the National Football League (NFL) losing a hard-fought game against the Cincinnati Bengals.

Confident comparison:

Rebecca Hargrove, President and Chief Executive Officer for the Tennessee Education Lottery, reportedly revealed the inaugural figures while additionally pronouncing that the four licensed sportsbetting operators in ‘The Volunteer State’ had paid out roughly $23.9 million to punters over the course of the eight-day period and recorded gross gaming revenues of about $2.5 million. She purportedly furthermore declared that the BetMGM app from the Roar Digital joint venture of MGM Resorts International and GVC Holdings commented that this launch had ‘outstripped all other states on the fortnight by 200.%

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Partner prohibition:

Tennessee has reportedly also licensed FanDuel Group, Tennessee Action 24/7 and DraftKings Incorporated to offer online sportsbetting entertainment to anyone over the age of 21 located within its territory. However, the state does purportedly require operators to hold at least 10% of wagers or risk being hit with a maximum fine of $25,000 and last week passed a measure that bans local council members and their spouses from using any of the aforementioned services to wager on sports.


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