Despite changing the tax structure for operators, Tennessee's tax revenue from legal sports betting saw a MoM decline in July 2023.
However, July’s year-over-year comparison showed a healthy increase in wagers forA tax on handle, not revenue
July is the first month of the state's new tax plan on sportsbooks; instead of billing operators based their revenue , Tennessee is now taxing sportsbooks based on their handle. Tennessee has always seen the regulations of sports betting as a money maker, and this policy reflects that. Before this month, sportsbooks were forced to hit at least a 10% hold from the bets they took in or be fined. After 2022 began with several months of sub-10% holds, Tennessee passed this new plan to increase its revenue. July’s tax bill was $4.0 million — 13% lower than June, even though the monthly handle fell just 6.4%, and a whopping 44% decline from two months ago. The July 2023 tax bill is more comparable to July 2022’s bill of $3.6 million...
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