Sports

Sports gambling generates $2M in Tennessee tax revenue in August

Daily Tennessee sports gambling numbers for August matched those of July with around $4.7 million bet per day, according to numbers released Monday by the Tennessee Education Lottery.

Bettors placed $144.5 million in wagers in August that led to $13.2 million in gross gaming revenue and $10.1 million in taxable revenue. Sports betting generated $2 million in tax revenue for the state.

“After an up and down summer, it would’ve been encouraging to see some growth in handle ahead of what is a crucial period in the industry,” said Nicole Russo, an analyst for PlayTenn.com. “No sport motivates bettors like football, though. And a surge in betting this fall will put an end to the slower summer months.”

Football season is typically the largest sports gambling time of the year. In 2020, September through December accounted for 60.2% of the year’s nationwide sports wagering. In 2019, those four months accounted for 50.8% of the total for the year, according to PlayTenn.com.

“College football and the NFL aren’t just important in terms of the wagers they generate, they also represent the greatest opportunity for sportsbooks to grow their customer base,” Russo said. “The result is aggressive promotions from established operators, and new operators scrambling to launch before kickoff.”

This article was originally posted on Sports gambling generates $2M in Tennessee tax revenue in August