Tennessee collects $1M less in sports gambling taxes despite increase in bets
Friday 27 de October 2023 / 12:00
2 minutos de lectura
(The Center Square) – Tennessee collected $1 million less in taxes on sports gambling in September despite an $83 million increase in overall gross wagers in the state compared to September 2022.
The difference is a tax change that began in July where the state now has a 1.85% tax on total handle instead of the previous 20% tax on the sportsbooks’ adjusted gross income.
In September, the state saw $420 million in gross wagers compared to $337 million in gross wagers in 2022.
In August, the difference was less pronounced as it collected $400,000 less in taxes than a year before despite a $37.6 million increase in wagers for the month.
The new system of Tennessee’s Sports Wagering Council reporting prevents the public from comparing the new taxing structure to what would have been collected under the previous format.
SWC Executive Director Mary Beth Thomas noted at Wednesday’s board meeting the state has collected more taxes in 2023 to this point compared to 2022 but said “we are still looking to see how our taxes are shaping up for this year” after the taxing structure change.
For the first six months of 2023, the state collected more in taxes under the old system than it would have collected under the new system.
Of the sports gambling taxes, 80% goes to education, 15% goes to the state for distribution to local governments and 5% goes toward mental health programs.
Some of those taxes go to the Lottery for Education program, which received $65.7 million from sports wagering last year. The tax funds going from sports wagering to the HOPE scholarship were consistently rising before the tax change.
Thomas said that the SWC will present future revenue estimates at the Nov. 6 revenue estimating meeting of Tennessee’s State Funding Board.
The SWC voted to renew the operator licenses for BetMGM, DraftKings, FanDuel and Action 24/7 to continue to operate in Tennessee at Wednesday's meeting.
Categoría:Sportsbook
Tags: Sin tags
País: United States
Región: North America
Event
Peru Gaming Show 2025
18 de June 2025
Facephi presented its digital identity verification solutions for the online gaming sector in Peru at PGS 2025
(Lima, SoloAzar Exclusive).- Facephi is consolidating its position as a strategic partner for responsible online gaming in Peru, presenting advanced identity verification, fraud prevention, and regulatory compliance solutions at PGS 2025, adapted to an increasingly digital and demanding ecosystem. In this interview, Bruno Rafael Rivadeneyra Sánchez, the firm's Identity Solutions Senior Manager, explores how its technology is redefining gaming security standards, with a preventative, seamless, and 100% regional approach.
Friday 18 Jul 2025 / 12:00
From PGS 2025, Win Systems Redoubles its Commitment to Peru: Innovation, Proximity, and Regional Expansion
(Lima, SoloAzar Exclusive).- In a revealing interview, Galy Olazo, Country Manager of Win Systems in Peru, analyzes the company's strategic role in one of the most thriving markets in the region. Its participation in the PGS 2025 trade show not only left its mark with its technological advances, such as the new Gold Club Colors electronic roulette wheels and the WIGOS management system, but also reaffirmed its commitment to the transformation of the sector and its consolidation in Latin America.
Tuesday 15 Jul 2025 / 12:00
Key debate during PGS 2025: Enforcement: Process to ensure compliance (laws, norms, rules)
(Lima, SoloAzar Exclusive).- During the 2025 edition of the Peru Gaming Show, the conference ‘Enforcement: Process to ensure compliance (laws, norms, rules)’ took place, with an international panel of professionals who debated about the current challenges to combat illegal gaming and guarantee the application of the laws in the sector, both in Peru and in the Latam region.
Monday 14 Jul 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.