Image Credit: PlayTenn.com & Thomas R Machnitzki / CC
The Center Square [By Jon Styf] –
Tennessee collected $4.8 million in taxes on sports gambling in May, according to numbers released on Thursday from the state’s Sports Wagering Advisory Committee.
The taxes collected were up slightly from the $4.6 million collected in March and April.
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The tax funds came from $261.6 million of wagering and $23.8 million of adjusted gross income from the state’s 12 online sportsbooks. Overall, wagering has been down from $370 million in wagers in March and $292.8 million of wagering in April.
Tennessee collects 20% of the industry’s net operator revenue in taxes. Of the sports gambling taxes, 80% of the taxes collected from sports gambling goes to education, 15% goes to the state for distribution to local governments and 5% goes toward mental health programs.
Wagering was up from the $160.9 million in sports wagers in May 2021 that led to $13.7 million in adjusted gross income for operators and $2.7 million in taxes collected.
Sports wagering has grown in the state since it began in November 2020 with $131 million in wager and $2.3 million in taxes collected.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
