Featured in this article:
- Tennessee sees a staggering December for betting revenue
- William Hill and Wynn Sports are approved for Tennessee betting
Tennessee legalized sports betting on November 1, 2020, along with many other states who seemingly rushed to roll out online betting to bolster lost state revenue during the COVID-19 pandemic. Although betting is new to the Southern State, they’ve seen an especially lucrative first two months of business — enough to officially add two new operators to the docket last Friday.
Tax revenue reaches new heights
Tennessee’s new sports betting program is certainly looking successful after they hit $312.3 million in overall gross wagers, and $5.4 million in privilege taxes — all in the first two months of the program’s roll-out.
According to AP News, the Tennessee Lottery, which oversees the state’s betting operations, reports these earnings for the month of December alone:
- About $180.9 million in gross wagers
- $167 million in gross payouts
- $3.1 million in privilege tax revenues
Lawmakers who supported legalization forecasted that legalized sports betting could bring in up to $50 million in tax revenue each year, and if the state maintains (or even slightly increases) these amounts, they’ll have no problem achieving this – especially considering December’s monumental performance.
Tennessee adds two new online operators
The Tennessee Lottery’s Sports Wagering Committee approved two new operators, William Hill and Wynn Sports to operate a betting site in Tennessee. The operators won’t be rolled out in time for Tennessean’s to place Super Bowl bets, but definitely in time to bet on a Nashville Predators game or two.
Approved licenses that are available for Tennessee bettors include:
- Tennessee Action 24/7
- Churchill Downs’ BetAmerica: Yet to be introduced, but has received approval from the Tennessee Lottery Sports Wagering Committee.
The Tennessee Lottery regulates betting sites in the state after Governor R-Bill Lee wouldn’t sign the bill to allow online betting, but did allow it to become a law. In a statement, Governor Lee said, “Compromise is a central part of governing, but I remain philosophically opposed to gambling and will not be lending my signature to support this cause. We see this issue differently but let me be clear: any future efforts to expand gambling or introduce casinos in Tennessee will assure my veto.
There you have it — betting sites will likely continue to grow, but don’t expect and brick-and-mortar casinos or bookmakers anytime soon.