Tennessee bettors stake $131.4m in first month of mobile wagering

first_imgFinance Tennessee bettors stake $131.4m in first month of mobile wagering The state’s first bets were placed on 1 November, with players staking $27.4m in the first week, a period which saw the National Football League well underway.  Topics: Finance Sports betting Online sports betting Tags: BetMGM DraftKings FanDuel Tennessee Education Lottery Action247 Read the full story on iGB North America. 4th January 2021 | By Robin Harrison The launch of sports betting in Tennessee has set a new record for the first month of legal wagering in a state, with bettors staking $131.4m in November. Regions: US Tennesseecenter_img This will be divided between a number of state bodies, with 80% going to the Lottery for Education Account, and a further 15% going to the Tennessee General Fund. The final 5% will be allocated to the Department of Mental Health and Substance Abuse Services to tackle problem gambling. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter With gross winnings of $118.2m paid out to players, this suggests the four operators currently live – DraftKings, BetMGM, FanDuel and local brand Action 247 – generated revenue of $13.2m.  Email Address After adjustments, the state received $2.4m from the 20% gross revenue tax levied on its licensees.  This ultimately resulted in total handle of $131.4m for the month, far surpassing the previous first month record of $35.2m set by Indiana for September 2019.  Subscribe to the iGaming newsletterlast_img read more