You Better, You Better, You Bet in Tennessee?

It's only been a couple of days since the Supreme Court unleashed states to legalize sports gambling, and WHO is starting the drumbeat for introducing legislation to do just that in Tennessee, well at least legislator. See Article

Tennessee has been loath in the past to allow gambling to invade the sacred confines of Tennessee, and except for limited exceptions for certain charitable gambling and a few horse tracks, the only authorized gambling is the state lottery, which is dedicated to funding higher education. This is relevant to the tax world in that Tennessee has few levers to pull to raise revenue with no state income tax on wages, a repeal of the estate/gift tax, and the pending phase out of the Hall Income Tax on interest and dividends. This new area would allow Tennessee to find another source of revenue and would be consistent with the State's use of sin taxes to fill the gaps in the budget. See previous increases in cigarette/tobacco taxes...

Also, Tennessee has already shown a propensity to be inclined to move in this direction with the 2016 passage of the Fantasy Sports Act, which created a regulatory framework to legalize online fantasy sports and to tax it. Reasonable minds may differ on whether legislation to authorize sports gambling would require a constitutional amendment, but there will be more to come on that. 

For now, suffice it to say that Tennessee will kick the tires on legalized sports gambling, and revenue will be one of the important drivers in that discussion. Not sure what the odds are on it passing, but I'm willing to bet that it will be a tough sale in Tennessee, especially if it involves a constitutional amendment ...