Tennessee collects $4.6M in taxes on $293M in sports bets in April

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.

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.

This article was originally posted on Tennessee collects $4.6M in taxes on $293M in sports bets in April