The Tennessee Titans may not be having the best of seasons, but that hasn’t stopped those in the Volunteer State from upping their sports betting budget.
Tennessee’s Sports Wagering Advisory Council (SWAC) reported that the state took in $445.1 million in bets last month, a roughly 6% jump compared to September. Sportsbooks claimed just under $1.4 million in adjustments, which was down significantly from the $2 million earlier.
When looking back to last year, there was 10% more action than in October 2022.
Tax bill finally improves
After a couple of months under the new tax rule, the Tennessee government finally saw the fruits of their labor.
For the first time since the regulations changed, the Volunteer State saw both a jump in wagers and in their tax dollars. From the $445.1 million in bets last month, the state’s tax haul hit $8.1 million. A $405-million handle was reported in October 2022 and $7 million in taxes.
The new tax on handle, instead of on revenue, was meant to increase the amount of money the state took in. And now their analysis has finally been right.
