Tennessee set records again for sports wagering in December with $440.4 million in bets placed.
That led to $9.4 million in taxes paid, ahead of the $9 million collected in November. That’s up from $3.3 million in taxes collected with $341.8 million in bets in December 2021.
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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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