TENNESSEE LOTTERY REPORTS SPORTS BETTING HANDLE, TAXES FOR NOVEMBER 1-8, 2020

“In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee,” TEL President and CEO Rebecca Paul Hargrove said. “These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.”

NEWS UPDATE     
November 16, 2020

 

TENNESSEE LOTTERY REPORTS SPORTS BETTING HANDLE, TAXES FOR NOVEMBER 1-8, 2020

 

NASHVILLE – The Tennessee Education Lottery (TEL), which oversees the licensing and regulation of online sports wagering in Tennessee, today reported the totals for sports betting wagering and taxes for the time period of November 1-8, 2020.

 

“In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee,” TEL President and CEO Rebecca Paul Hargrove said. “These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.”

 

Day 1: November 1st (Launch)

o   Total Amount Wagered (11/1):            $5,110,000

o   AGI (Adjusted Gross Income):          $   800,000

o   Total Tax:                                           $   160,000

Week of November 2-8

o   Total Amount Wagered:                     $22,292,000

o   AGI:                                                    $  1,746,000

o   Total Tax:                                           $     349,000

Total: November 1 - November 8th

o   Total Amount Wagered:                     $27,402,000               

o   Total AGI:                                          $  2,546,000

o   Total Tax:                                           $     509,000

By statute, on a quarterly basis 80 percent of the tax collected will go to the state treasurer for deposit into the Lottery for Education Account; 15 percent will go to the state treasurer for deposit into the General Fund to be remitted quarterly to local governments on a per capita basis; and 5 percent will go to the state treasurer to be allocated to the Department of Mental Health and Substance Abuse Services to oversee grant programs for problem gambling treatment services.

 

Tennessee state law permits wagering on sporting events via the internet, mobile device or other telecommunications platforms. Customers must be at least 21 years old to play and physically located in Tennessee at the time a wager is placed.

 

The TEL serves as the regulator of sports wagering in Tennessee and does not serve as an operator, in accordance with the law. There are no restrictions on the number of licenses that may be issued for interactive sports gaming operations, but licensees and suppliers must meet suitability requirements.

 

About the Tennessee Education Lottery Corporation

The Tennessee Education Lottery Corporation operates entirely from the revenue it generates through the sale of its products. Since January 20, 2004, the Lottery has raised more than $5.6 billion to fund designated education programs, including college grants, scholarships, Drive to 55 initiatives and after-school programs. In addition to the educational beneficiaries, players have won more than $15.5 billion in prizes and Lottery retailers have earned more than $1.4 billion in commissions. For additional information, visit tnlottery.com and follow the TEL on Facebook, Twitter and Instagram.

 

MEDIA CONTACT:

Dave Smith

615-324-6556

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