Tennessee’s sports betting handle was down 20 per cent compared to May.
US.- Tennessee’s sports betting handle was $230.3m in June, according to the Sports Wagering Advisory Council (SWAC). That’s down 20 per cent compared to May’s $279.7m and up 6.7 per cent from June 2022. Betting sites paid out $204.8m to winners.
After adjustments, operators claimed $23.1m in adjusted gross income and paid $5m in state taxes. The operator hold percentage decreased from May’s 13.3 per cent to 11 per cent.
Last month, Tennessee governor Bill Lee signed Senate Bill 475, which will tax operators’ sports betting handle rather than gaming revenue. The law came into effect on July 1 and makes Tennessee the only state in the US to have such a tax regime. The new system will tax legal online sportsbooks 1.85 per cent on their handle in place of 20 per cent of net revenue.
