Tennessee collects more than $5M in July sports wagering taxes

(The Center Square) – Tennessee received more than $5 million in taxes from sports wagering in July, an increase from less than $4 million each of the past two Julys.

July is generally a slower month with less professional and college sports teams competing.

The taxes came on nearly $274 million in gross wagers, the lowest total of 2024 and the lowest since August 2023.

July is the first month of the new fiscal year after Tennessee finished last fiscal year collecting $87.6 million in privilege tax, an increase of $4.3 million from the fiscal year that ended in June 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 ($4 million for July), 15% to the state’s general fund ($752,000 for July) and 5% to gambling disorder and addiction programs ($251,000 for July).

August is also traditionally a slow month with wagering picking up significantly in September when the National Football League and college football seasons begin.

Tennessee stopped reporting the adjusted gross income of the state’s collective sportsbooks in July 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.