Lottery Ticket Sales Up in Tennessee
The Tennessee Education Lottery made an announcement this week, and this time it had nothing to do with sports betting.
The TEL announced the grand total for lottery ticket sales during the previous fiscal year, and it was another record-setting amount.
According to the report, $499.9 million was transferred to the account that helps fund secondary education scholarships for prospective students. This was the initial goal when lottery ticket sales became legal, and it has turned into one of the most profitable causes in the United States.
The 2021 Fiscal Year Report came out, and the jump was more than $50 million from one year ago. This is a positive trend for the state, and it is one that should only continue to get bigger as time goes on.
The Tennessee Education Lottery officially launched back in 2004, and there has been more than $6 billion raised for education during that time. Tennessee has gone over the $24 billion mark in total lottery ticket sales.
TEL President Rebecca Hargrove stated, “These incredible results that benefit the state from border to border don’t happen without the steady leadership of our Board of Directors, the commitment of employees, the dedication of our more than 5,000 retailers, the enthusiasm of our players and the support of our Governor and the Legislature.”
The TEL has come under fire since November for its work in regulating the sports betting industry, but it has been celebrated since this announcement. More than 1.5 million students have been sent to college because of these scholarships, with 150,000 students receiving some sort of grant last year.
In June, the Tennessee Education Lottery announced that the total revenue for the previous fiscal year was $2.08 billion, which is the first time that the state has gone over the $2 billion mark. The amount of lottery ticket sales continues to increase, which then leads to a boost in the amount of money contributed to the education fund.
Sports Betting Chipping In
Ever since launching sports betting in Tennessee back in November 2020, the Tennessee sports betting industry has been setting records for total handle and revenue. These totals have far exceeded expectations through the first six months, and another boost should be coming this Fall.
80 percent of all sports betting revenue goes directly back into the account that helps fund these secondary-education scholarships. 15 percent is set aside for local governments and the remaining five percent goes to help fight problem gambling.
The fight to end problem gambling in the state of Tennessee has gotten much harder with the launch of sports betting, and more calls are coming in each month. The Sports Wagering Advisory Council will be tasked with creating laws that help combat this issue moving forward.
Tennessee remains a state without any land-based casinos available and all of the gambling is done online. With the rapid growth of sports betting and the continued success of lottery sales, the number of scholarship dollars should continue to increase over time.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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