Legalized sports betting on the table in Tennessee

KNOXVILLE, Tenn. (WVLT) - A bill proposing legalized sports betting in Tennessee is on the table.

House Representative and Assistant Minority leader Rick Staples (D-Knoxville) has filed Bill HB0001, or the Tennessee Sports Gaming Act.

If passed, the bill would legalize sports gambling in the state only in cities and counties where it is approved by a local election.

Staples has said that bill would create millions of dollars worth of revenue for the state.

"For those that go in locally, in the first year $2.2 million, the next year it would double to five million and then it would increase several million every year afterwards," said Staples.

The bill imposes a 10 percent tax on gaming revenue, with 40 percent of the tax designated to the general fund for general appropriations, 30 percent to Tennessee colleges of applied technologies and community colleges for equipment and capital projects, and 30 percent to local governments for education and infrastructure.

The bill allows for betting on some collegiate sports and professional sports. Staples said colleges who do not want to allow for betting on its' teams can choose to opt out.

The proposal states the person betting must be 21 years or older and also must be in the state of Tennessee when placing a wager. People placing bets do not need to be state residents, but must register to place a bet.