NASHVILLE, Tenn. (WKRN) — It’s been five years since Tennessee lawmakers rolled the dice and passed a bill legalizing online sports betting, and since then, more than $13 billion in gross bets have been placed and nearly $240 million of that money has been returned to the state.
Before the law legalizing sports betting was passed, lawmakers said an estimated $3 billion was being wagered illegally in the state. The law legalizing sports betting established consumer protections and a way for Tennessee to profit from sports entertainment.
“We already have billions of dollars leaving the state and going to other states that have casino gaming, so there is an opportunity to do sports betting in the state that would capture dollars,” said Rep. Rick Staples (D- Knoxville) to News 2. in late 2018.
After sportsbooks went live in November 2020, millions of dollars in bets were already being placed, according to Tennessee Sports Wagering Council Executive Director Mary Beth Thomas.
“Since then, we have seen growth in both the number of participants and betting volume,” Thomas said. “It’s clear that Tennesseans enjoy sports betting.”
At last check, there were about 1.5 million betting accounts open in Tennessee and more than $13.25 billion in gross bets placed.
Nearly $240 million of that money, called the privilege tax, has been reinvested in the state. Eighty percent of the money funds the HOPE scholarship, 15% goes to local governments for infrastructure projects and emergency services, and 5% goes to the Tennessee Department of Mental Health for responsible gaming initiatives and treatments.
“That provides a lot of grant money and a lot of help to local governments that would like to increase their funding for important projects that they have,” Thomas said.
While the economic impact of sports betting is evident, another goal in legalizing sports betting was to ensure that consumers are protected and that state-licensed sportsbooks follow the rules.
Thomas told News 2 that the recent audit of the Tennessee Sports Betting Council by the Comptroller’s Office was clean and there were no findings, which is proof that the state’s sports betting regulations are working.
“I think Tennessee has done a great job of balancing the interest in sports betting and our need to regulate it fairly and transparently so that Tennesseans feel comfortable knowing that sports books licensed by the state of Tennessee are compliant. with the law. and do the right thing,” Thomas said.
Gambling houses that advertise must include resources on gambling addiction in their advertisements. That could include Tennessee REDLINE or 1-800-GAMBLER. Additionally, the self-exclusion service allows players to voluntarily opt out of playing, either temporarily or permanently, by completing a form through the Tennessee Sports Wagering Council or through a sportsbook.
Thomas added that the University of Memphis Gambling Clinic is another option where patients struggling with gambling addiction can receive treatment through telehealth or in-person appointments.
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