by Jon Styf
Tennessee set records for both the amount wagered and the taxes collected by the state in sports wagering in November.
There was more than $9 million in taxes collected on $439.5 million wagered in the state in what has been consistently one of the strongest months of wagering in the state due to betting on college and NFL football.
Since online sports wagering opened in November 2020, the highest total of taxes collected was $8.7 million in September. October was the next highest at nearly $7.0 million.
In terms of wagers, the second-highest month was October, with $405.3 million wagered, and January 2022, with $386.1 million wagered.
Tennessee sports betters saw $392.2 million in payouts, leading to $45.2 million in adjusted gross income for the state’s operators.
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.
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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. Styf is a reporter for The Center Square.Â
Photo “Tennessee Titans” by Tennessee Titans.
So now this is a good thing, simply because the money came into the TN state treasury as opposed to that of organized crime?? What records were set for all of the financial ruin caused by this massive scam!
And how many children went hungry so Daddy and/or Mommy could gamble? This is sick.
Absu;utely correct!