Tennessee Collects $4.6M In Sports Gambling In June
Image Credit: PlayTenn.com & Thomas R Machnitzki / CC
The Center Square [By Jon Styf] –
Tennessee received $4.6 million in taxes on $230.3 million in sports wagers in June, the first month the state began a new system for taxing sports gambling.
Under the previous system, the state would have also received $4.6 million in taxes.
It was the state’s lowest sports gambling tax collection since July 2022 and the lowest total of gross wagers since August 2022.
Tennessee has had a drop in sports gambling numbers each year during the summer months with less sports options but it has then picked up as college football season begins in September.
“Adjusted gross income was also down a significant 35% month-over-month, which is slightly more extreme than normal for an established market such as Tennessee, but many of its peers are also experiencing dramatic behavior in this slow season,” said BetTennessee.com analyst Dru James. “Compared to June 2022, however, income was up almost 81%. Again, this continued long-term growth is a massive green flag for sustained market stability.”
Tennessee now taxes sports books 1.8% on total gross wagers after previously having a 20% tax on adjusted gross income.
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.
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.
