Sports Betting Projected to Net Millions in Tax Revenue for Tennessee

Sports fans in Tennessee placed the first legal sports bets in the state this week, as sports wagering became legal Sunday.

Sports wagering is estimated to generate up to $4.5 billion in revenue each year, according to a study by Oxford Economics. The state will collect about 20 percent of that revenue – the second-highest tax rate on sports betting in the country – to support scholarships in the state.

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