Sports
$313M in February sports bets placed in Tennessee
Tennessee sportsbooks brought in more than $3 million in taxes for the state on more than $313 million in bets during February, according the Tennessee Sports Wagering Advisory Council (SWAC).
The sportsbooks made $15.1 million in adjusted gross income after promotions on those bets, with $292.4 million in gross payouts. The SWAC previously said $23 million in bets were placed on the Super Bowl on Feb. 13.
Tennessee sportsbooks took $386.1 million in wagers in January, leading to $29.1 million in adjusted gross income after promotions and $5.8 million in taxes.
Tennessee collects 20% of the industry’s net operator revenue in taxes. Of the sports gambling taxes, 80% of the taxes collected from sports gambling goes to education, 15% goes to the state for distribution to local governments and 5% goes toward mental health programs.
Tennessee recently approved three more online sportsbooks, bringing the state to 13 approved online sportsbooks.
TwinSpires, operated by Churchill Downs Interactive Gaming, recently announced during an earnings call it will discontinue its online sports gaming operation, according to PlayTenn, after beginning operations in Tennessee in March 2021.
This article was originally posted on $313M in February sports bets placed in Tennessee
