Online sports betting booming across Tennessee as March Madness takes off
MEMPHIS, Tenn. (WMC) - Your Memphis Tigers are dancing on to the next round in the NCAA Tournament after Thursday’s win against Boise State.
The infectious excitement is spreading across the online sports betting community in Tennessee.
Millions of people are using betting apps on their phones to get into the NCAA action with everyone hoping to win big.
Online sports betting became legal in Tennessee in 2018. Since then, PlayTenn reports $2.3 billion have been wagered.
Tennessee has received $35 million in tax revenue from sports betting, which goes back into communities across the state.
According to PlayTenn, 80% of that money funds scholarships and grants for students, 15% goes to local governments for roads and other infrastructure needs and 5% goes to fighting gambling addiction.
The thrill of a quick payout from the often-unpredictable tournament puts Tennessee on pace for a record-breakings ports betting year.
Aside from the Super Bowl, March Madness is the state’s most significant sports betting event.
Memphis takes on Gonzaga in the second round of the NCAA Tournament. That game is Saturday at 8:40 p.m.
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