Two months after online sports betting was legalized, and with the Super Bowl only days away, Teneese's gambling seems to be paying off in sports betting.
KNOXVILLE, Tenn – The state of Tennessee has bet that people around two months old can place bets on sports online. The bet seems to be paying off.
"It's huge. It's huge. It's more than most predicted," said Bill Colleoni, CEO of Odds.com, of Tennessee's explosive start in online sports betting.
It pays off in a big way. The state generated over $ 5 million in revenue in the first two full months after legalizing online sports betting. Colleoni said the high revenue was due to the way the state launched the program.
"The fact that Tennessee went online with an online registration form so you don't have to go to a brick and mortar casino," said Colleoni. "People in rural areas can just pick up their cell phones and bet."
Officials said Tennessee beats states like New Jersey, Illinois, Colorado and even the gold standard of betting – Nevada. Not only does Tennessee make more money than other states, it also makes millions of dollars more.
The revenue goes back to communities across the state, 80% of which helps fund education. If the state continues this pace, $ 25 million could be used for schools. It's what State Representative Gloria Johnson calls "WIN-WIN-WIN".
"There's no question that this will help," she said. "We have to make sure we use it wisely."
And with the Super Bowl coming up in about a week, experts predict it will be the most wagered event in history. That prediction is good news for the volunteer state, which is already raising millions.
"The Super Bowl will carry the month and we expect the numbers to be similar to previous months with a full month of sports," said Colleoni.
Regardless of the bad beats, Tennessee's entry into the billion dollar business could be called a backdoor cover, and more and more people are starting to get involved with the underdog.