Tennessee sees record $405 million in sports gambling wagers in October

Tennessee sees record $405 million in sports gambling wagers in October

Article brief provided by The Center Square
  • Jon Styf, The Center Square
November 10, 2022 6:39 PM
  • Jon Styf, The Center Square

Tennessee saw a record $405.3 million in sports gambling wagers in October, according to numbers released on Thursday afternoon. The previous high was $386 million in January.

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With that, the state collected $6.99 million in taxes, the second-highest amount on record after collecting $8.7 million in taxes for September wagers.

Tennessee has now seen more than $6 billion in wagers since it opened for online sports gaming in November 2020 with $94.4 million in taxes collected over that span.

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.