(The Center Square) — Tennessee posted a record $405.3 million in sports betting in October, according to numbers released Thursday afternoon.
The previous high was $386 million in January.
With that, the state collected $6.99 million in taxes, the second-highest amount ever after collecting $8.7 million in taxes for September bets.
Tennessee has now seen more than $6 billion in wagers since opening to online sports gaming in November 2020 with $94.4 million in taxes collected over that time.
Tennessee collects 20% of the industry operator’s net revenue in taxes. Among sports betting taxes, 80% of taxes collected from sports games go to education, 15% go to the state for distribution to local governments, and 5% go to mental health programs.
The council expected the tax figures to rise after the committee released a sportsbook memo this summer saying that from July 1 it would create new standards for how income is reported and whose taxes are calculated.
The Note of June 15 defined how sports betting should calculate profits, including how it relates to promotional bets given to players in the form of deposit bonuses, odds boosts, free bets, etc.