Sports Betting Predicted To Net Millions In Tax Revenue For Tennessee
Sports betting predicted to net millions in tax revenue for Tennessee. The first legal sports bets in the state were made by sports fans in Tennessee this week, as sports wagering became legal on Sunday.
According to a study by Oxford Economics, sports wagering is estimated to generate up to $ 4.5 billion in revenue each year. The state will collect aprroximately 20 percent of that revenue, making it the second-highest tax rate on sports betting in the country – to support scholarships in the state.
Tennessee is the 19th state to legalize sports betting, and with no brick-and-mortar establishments, it is the first state to offer sports betting only online. Four sports betting apps are licensed to operate in Tennessee; three national operators FanDuel, DraftKings and BetMGM, and a Nashville-based enterprise, Action 24/7, which operates only in Tennessee.
Betting is limited to persons over 21 years of age that are physically present in the state. Residency is not mandatory. Before a wager is made, the sports betting app can check the position of the bettor using the GPS technology of the computer. In May 2019, legislation legalising sports betting passed and became law without the signature of Gov. Bill Lee.
[image: Tanner Boriack]
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