Tennessee Collects $4.6M IN Taxes On $370M In Sports Wagers For March
Image Credit: PlayTenn.com & Thomas R Machnitzki / CC
The Center Square [By Jon Styf] –
Tennessee collected $4.6 million in taxes on $370 million worth of sports wagers from the state’s online sportsbooks in March, according to numbers from the Tennessee Sports Wagering Advisory Council.
The sportsbooks paid out $343.7 million in the month while making an adjusted amount of $22.8 million in gross income during the month.
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“Even without a Tennessee team making a deep run in the NCAA Tournament, sportsbooks were able to beat expectations,” said Alec Cunningham, lead analyst for PlayTenn.com, which covers Tennessee sports gambling. “March is the busiest non-football month of the year, and this year’s wagering topped all but the two busiest months of the football season, too.
“This shows an engaged base of bettors that have an interest that goes beyond the state border.”
In February, $313 million in bets were placed in Tennessee after $386.1 million in wagers in January. The SWAC said $23 million in bets were placed on the Super Bowl on Feb. 13.
That compares with $205.9 million in wagers in March 2021 with $3.2 million in taxes 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.
Tennessee has 12 approved online sportsbooks.
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.
