Image Credit: The Center Square
The Center Square [By Jon Styf] –
Tennessee set records again for sports wagering in December with $440.4 million in bets placed.
That led to $9.4 million in taxes paid, ahead of the $9 million collected in November. That’s up from $3.3 million in taxes collected with $341.8 million in bets in December 2021.
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.
The state’s online sports wagering operators had $47 million in adjusted gross income in December, making $391.3 million in payouts on the $440.4 million in wagers.
The previous high in bets was $439.5 million wagered in November. Late 2022 had consistently the highest numbers since online sports wagering opened in November 2020.
The state collected $8.7 million in taxes in September. October was the next highest at nearly $7 million.
December, November and October were the three highest months in terms of the amount wagered in the state. Next was January 2022, with $386.1 million wagered.