Tennessee Collects $4.6M In Taxes On $293M On Sports Bets In April

Image Credit: PlayTenn.com & Thomas R Machnitzki / CC

The Center Square [By Jon Styf] –

 For the second consecutive month, Tennessee collected $4.6 million in taxes on sports gambling.

But this time it came on $292.8 million of wagering and $23.2 million of adjusted gross income from the state’s 12 online sportsbooks.

Overall, wagering was down from $370 million in wagers in March even though the same amount in taxes was collected.

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.

NewTruth

Wagering was up from the $172.4 million in sports wagers in April 2021 that led to $14.4 million in adjusted gross income for operators and $2.8 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.

Tennessee’s Sports Wagering Advisory Council is scheduled to meet on Wednesday, when it will consider renewing WynnBet’s operator license.

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.

One thought on “Tennessee Collects $4.6M In Taxes On $293M On Sports Bets In April

  • May 25, 2022 at 9:38 pm
    Permalink

    I have always been told that we are the belt-buckle of the Bible belt, so when did we unbuckle our pants and start showing our goods? How have we fallen so short of the glory of God? Have we, as a state, fallen for the serpents sway? I grew up in Nashville and understood that we had a titty bar for every church in Nashville, but that is because we have always had Commicrats, sorry Democrats, running things. But now it seems that the cancer of evil in now running through our whole state. Seems like the Republicans have taken a bit of that fruit from that TREE OF KNOWLEDGE. Now wont they fell stupid when they get thrown out of Eden and please don’t say, ” it’s for the kids” Pelosi already has that motto.

    Reply

Leave a Reply

Your email address will not be published.