Tennessee Collects $7M In Sports Gambling Taxes On $384.2M In Wagers For April
Image Credit: census.gov
The Center Square [By Jon Styf] –
Tennessee saw $384.2 million in sports wagers in April with $7 million in taxes collected.
That was up from $318.4 million in wagers and $6.4 million of taxes collected in April 2023.
Tennessee sends 80% of taxes to the Lottery for Education program, 15% to the state’s general fund and 5% to gambling disorder and addiction programs.
Tennessee collected $8.7 million in privilege tax collections on $473.5 million in wagers in March.
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 stopped reporting the adjusted gross income of the state’s collective sportsbooks midway through 2023 and does not report data from individual sportsbooks.
Tennessee is the only state with legalized sports wagering that does not report how much the sportsbooks make on bets monthly.
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.
