Tennessee reports $405m in monthly sports wagers for October
This breaks the previous record set in January 2022
Just two years after the first online sportsbooks went live in Tennessee, the state reports that it has seen more than $400m in sports gambling wagers in a single month.
According to official numbers released by the state, it has broken its previous record of $386m in sports wagers – a record it set in January of this year.
October’s record-breaking $405m in wagers brings the state’s total sports betting wagers to $6bn since the online sportsbooks opened in November 2020.
The state has earned $94.4m in taxes from sportsbooks over the past two years. It also earned $6.9m of those taxes in October 2022 alone – a total of 20% of sportsbooks’ adjusted gross income of $34.8m.
This is the second-highest amount of monthly tax revenue the state has received from sports gaming in a single month – despite bettors only wagering $336.9m in September 2022, sportsbooks reported $43.5m in adjusted gross income, meaning Tennessee brought in a record of $8.7m in taxes that month.
The reason for this disparity lies in the payouts reported – sportsbooks only paid out $290.6m to bettors in September, while it paid out $336.9m in October.
Interestingly, October 2022 does not hold the record for the highest gross payout in the state. One year ago, in October 2021, the state reported $352.5m in payouts, compared to $375.3m in wagers.
The state of Tennessee reports that 80% of the taxes collected from gambling go toward education in the state. Tennessee’s mental health programs receive 5% of taxes from gaming and local governments receive the remaining 15%.
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