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Tennessee collects $7M in taxes on $381.8M gross wagers in May

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(The Center Square) – Tennessee collected nearly $7 million in taxes on $381.8 million in gross wagers in May.

That’s slightly down from $7 million in taxes on $384.2 million in gross wagers in April.

The tax collections were also slightly down from $7.1 million in taxes on $279.8 million in gross wagers in May 2023.

Tennessee levies a 1.85% tax on gross handle, which replaced a 20% tax on adjusted gross income that was in place until July 2023.

Tennessee sends 80% of taxes to the Lottery for Education program, 15% to the state’s general fund and 5% to gambling disorder and addiction programs.

Tennessee stopped reporting the adjusted gross income of the state’s collective sportsbooks midway through 2023 and does not report data from individual sportsbooks.

Tennessee is the only state with legalized sports wagering that does not report how much the sportsbooks make on bets monthly.

Tennessee recently fined Fanatics Sportsbook $50,000 for allowing eight people who were on an in-app self-exclusion list to place bets during that exclusion while Zen Sports received a $60,000 for not maintaining a high enough balance in its reserve account to cover outstanding bets and obligations.