The state of Tennessee is close to one year of legally offering sports betting, and as the date draws near, the handle is closing in on $2 billion. The Tennessee Education Lottery recently reported that $1.7 billion wagers have been placed, generating just under $29 million in taxes and over $156 million in revenues.
Online-Only Industry
Currently, Tennessee offers online wagering only. Because of this, it is helping the state to become the first to reach the $1 billion mark in bets within the US. In comparison, only eight states were able to reach the $100 million mark after six months in operation. New Jersey was the closest state to come to $1 billion, reaching just over $928 million.
Sports betting is big business in Tenness…