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Knoxville, Tennessee (WATE) — Last year marked the second year sports betting was legalized in Tennessee. The amount wagered in-state he has increased by nearly 50% from 2021, according to a Sportsbook Review analysis.
Tennessees have bet more than $6 billion since mobile sports betting launched in 2020, according to Sportsbook Review.
Total stake for 2021 is $2,022.9 million, marking 1 percent increased by nearly 47% 2022.
In 2018, the U.S. Supreme Court overturned a 1992 federal law that broadly prohibited most states from allowing sports betting.
The Tennessee Legislature approved mobile-only sports betting in 2019. Knoxville representative Rick Staples then introduced a bill to legalize sports betting in his late 2018.
The state collects 20% of the industry’s net business income in taxes, 80% of which is used to support education. Of the remaining funds, 15% will go to local governments and the remaining 5% to mental health programs.
A spokeswoman for Sportsbook Review said: “Since some states legalized sports betting in the past four years, sports betting has increased significantly, with stakes expected to increase by 70% from 2021 to 2022. increased,” he said. “In his first year after the Supreme Court ruling, legitimate U.S. sportsbooks have received him $9 billion, and by 2022 so far he has had over $74 billion wagered. This is his 744% increase in his four years.
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