Image Credit: PlayTenn.com & Thomas R Machnitzki / CC
The Center Square [By Jon Styf] –
Tennessee collected $3.7 million in taxes on sports gambling in July, according to numbers released last week from the state’s Sports Wagering Advisory Committee.
The funds came from nearly $183 million of wagering with sports gambling sites from the state’s 12 online sports book making $18.3 million in adjusted gross income during the month.
The sports wagering committee approved a new license for Seminole Hard Rock Casino at last month’s meeting. Hard Rock also recently opened a temporary casino in Bristol, Virginia in July, according to PlayTenn.
The taxes collected in the report released on Aug. 11 were up from the $2.6 million collected in June but below the $4.8 million in May and $4.6 million in taxes on sportsbook income in both March and 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.
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Wagering was up from the $144.5 million in sports wagers in July 2021 that led to $13.4 million in adjusted gross income for operators and $2.6 million in taxes collected.
Sports wagering has grown in the state since it began in November 2020 with $131 million in wagers 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.
