Tennessee Bettors Place More Than $500M In Gross Sports Bets In November

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The Center Square [By Jon Styf] –

Tennessee collected $9.5 million in taxes on sports wagering in November, up from $9.4 million last November as the state’s sportsbooks accepted $517 million in gross wagers.

It was the first time Tennessee exceeded $500 million in gross wagers in a month.

Tennessee collected $8.2 million in taxes on $445.2 million of gross wagers in October.

Tennessee levies a 1.85% tax on gross handle, which replaced a 20% tax on adjusted gross income that was in place until July.

Tennessee sends 80% of its sports wagering taxes to the Lottery for Education Fund to pay for things such as the Hope Scholarship while 15% goes to the general fund of local governments and 5% goes to the state’s Department of Mental Health.

Tennessee’s Sports Wagering Council recently presented privilege tax estimates to Tennessee’s State Funding Board that showed a projected dip in this fiscal year’s tax collections. Tennessee collected $82.1 million in privilege tax on mobile sports wagers last fiscal year with $78.8 million projected this fiscal year and projections of $82.7 million next fiscal year before reaching a projected $86.9 million in taxes next year.

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.