According to the Sports Wagering Advisory Council (SWAC) of Tennessee, in July, gamblers in Tennessee spent $273.9 million on sports betting. The total wagered amount increased by 27.1% year on year but dropped by 20.6% compared to June. This also marks the lowest monthly total so far this year.
The state earned $5 million from the 1.85% privilege tax launched in July 2023. Tennessee is the only state in the USA that taxes license holders based on turnover rather than total revenue. About 80% of the tax revenue is allocated to education, 15% to local governments, and 5% to mental health programs.
