Tennessee sportsbooks report record $405m in wagers in October
The state reported $405m in bets, up nearly 8 per cent year-on-year.
US.- Bettors in Tennessee wagered $405m on sports in October, according to Tennessee’s Sports Wagering Advisory Council (SWAC). That’s a 20.3 per cent increase from September’s $336.9m and up 8 per cent compared to the same month in 2021. It’s also a new state record, breaking the previous high of $386m set in January.
Adjusted gross income generated by the state’s sportsbooks was $34.8m. Given the 20 per cent tax rate on sports betting net revenue, the state collected $6.9m in taxes, its second-highest monthly haul to date and easily surpassing the $3.4m in taxes reported for the same month last year.
The state dedicates 80 per cent of the taxes collected from sports gambling to education, 15 per cent for distribution to local governments and 5 per cent for mental health programs.
Tennessee has seen more than $6bn in wagers since it opened online sports gaming in November 2020, with $94.4m in taxes collected over the period.
Hard Rock Sportsbook expands to Tennessee
Hard Rock Digital has announced the launch of its online Hard Rock Sportsbook in Indiana and Tennessee. Players in both states can now download the mobile app and place bets.
Hard Rock Digital chief executive and executive managing director Marlon Goldstein said: “We are excited to offer the legendary Hard Rock experience to our mobile sports betting players throughout Indiana and Tennessee.
“The successful debut of the Mystery Wheel is the latest example of the unique interactive experiences that can only be found at Hard Rock Sportsbook as well as our commitment to building the most entertaining app in the market.”
