(The Center Square) – Tennessee collected $6.3 million on $344.4 million of gross sports wagers in August.
That was an increase of more than $100 million in wagers from the $241.8 million wagered in August 2023 with $4.5 million in taxes collected.
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 ($5 million for August), 15% to the state’s general fund ($946,792 for August) and 5% to gambling disorder and addiction programs ($315,597 for August).
The Tennessee Sports Wagering Council recently held a meeting and reminded the public that bettors must be 21 years old or older and proxy wagering – betting on someone else’s account or having someone place bets for you – is illegal.
The SWC also said that wagering with unlicensed sportsbooks is a criminal offense.
