Tennessee Collects $6.4M In Sports Wagering Taxes In April
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The Center Square [By Jon Styf] –
Tennessee collected $6.4 million in taxes on $318.4 million in gross sports gambling wagers in the state during April.
The April numbers were released in the days before Gov. Bill Lee is set to make a final decision on signing legislation that would change the way Tennessee taxes sportsbooks. Lee has until Saturday to sign, veto or let the bill become law without his signature.
Under the new system of a 1.85% tax on gross wagers, the state would have collected $5.9 million in taxes in April.
Tennessee currently 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.
Since sports gambling starting in Tennessee in November 2020, the state has collected $141.6 million in taxes on $8.3 billion of gross wagers.
Tennessee currently has 12 approved operators and is scheduled to approve a license for ZenSports at next week’s Sports Wagering Advisory Council meeting. Wagr, recently acquired by Yahoo, relinquished its 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.
