Tennessee collects $7.15m in sports betting taxes in May
The figures come as Tennessee prepares to introduce a new tax structure.
US.- Tennessee collected $7.15m in privilege taxes on online sports betting in May, up 11.02 per cent from April’s $6.44m. The figures come as Tennessee prepares to introduce a new tax structure on July 1.
Signed by governor Bill Lee less than a month ago, Bill 475 will tax operators’ sports betting handle rather than gaming revenue. Sportsbooks will pay 1.85 per cent of their handle instead of the current 20 per cent of net revenue. Tennessee will be the only state in the US to have such a tax regime.
In May, sportsbooks in the state took $279.8m in bets, according to the Tennessee Sports Wagering Advisory Council (SWAC). The figure is a 12.1 per cent decrease from the $318.4m generated in April. The operators generated $37.7m in adjusted gross revenue, an 8.84 per cent increase from April’s $32.8m.
