Gamblers in Tennessee have been waiting a long time for the legalization of sports betting in the state. Last week, their dreams finally came through and state government is very happy with the results from the first week. Thus, Tennessee Sports Betting is a Success as sportsbooks took in millions in wagers for their first week.
According to Tennessee officials, sportsbooks took in over $2.5 million in gross income from Nov. 1 thru Nov. 8. Therefore, Tennessee made about $509,000 in gambling taxes during that period of time. The total comes from having a $27 million on sports bets during that period of time.
Tennessee Sports Betting is a Success with more to come
Sports Betting in Tennessee became a reality on November first with 4 legal sportsbooks in operation. According to betting odds news, in their first day of operations, they took in $800,000 in revenue. The best part is that the revenue from the gambling taxes will go to the Tennessee education funds.
During that week, sports bettors were able to take advantage of some of the biggest sportsbook bonuses in the industry. For example, DraftKings gave bettors up to a $1,000 bonus which is twice that of other states.
Now that the rush is over, the Tennessee Education Lottery Commission said that more sportsbooks are on the way. This is because they have more sportsbook licenses available. Furthermore, as many as 7 new sportsbooks could open their doors before the end of the year.
According to sports news coverage, Churchill Downs, BetAmerica, Caesars, William Hill and WynnBet are hoping to go live next month. This is because the final approval of these bookmakers will be made shortly. However, this is more of a formality and approval should not come as a surprise.
Tennessee is the first state to only have online sports betting available. If all current applications began before the end of the year, they could have more online sportsbooks then Illinois.
Bet Sports Online with VOBET, the best sportsbook in the world!