Tennessee’s Sports Wagering Advisory Council has released data for the month of September showing that the state collected $8.7 million in taxes from legal sports betting.
Increase a direct result of new rules on how sportsbooks report profits
The latest figures represent the highest amount collected by the state since Tennessee sports betting launched in November 2020. The previous record of $5.9 million was set in November 2021.
The report also reveals that Tennessee gamblers wagered $336.9 million on sports throughout the month of September, the sixth largest sports betting handle since the industry launched. The state record still sits at $386 million set in January 2022.
According to the Council, taxes were expected to increase significantly following a decision by regulators to implement new standards for how earnings are reported and how resulting taxes are then calculated.
A memo issued on June 15th outlined how sportsbooks must calculate their profits with a particular specification on how promotional bets in the form of odds boosts and deposit bonuses are reported.
The Sports Wagering Advisory Council is set to meet again at 10 am on October 24th to review license renewals for the first four sportsbook operators that launched in November 2020. These are Action 24/7, BetMGM, FanDuel and DraftKings. The remaining seven licensed operator licenses are not yet up for renewal.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.