Sportsbook deducted $2.1 million, more than January’s $1.6 million, leaving a taxable total of $378.2 million.
that the Volunteer State took in $380.3 million in wagers last month. Compared to January, this is an 18.6% decrease in action, and $100 million less than December’s handle.
The state’s 2% tax on handle came to just under $7 million, well below the $8.6 million from the previous month. Year over year Tennessee operators saw a 16% jump in wagers but just 11% more in taxes to the state. neighboring Virginia reported a record-breaking handle in January. Their $652.8 million in handle was over 70% higher than Tennessee.
Taxwise Virginia raked in $9.9 million, with an industry-friendly tax rate of 15%. Tennessee’s 2% gross tax is tougher to compare without knowing how successful theare, but if they reported the same hold percentage as Virginia their previous 20% tax rate would have brought in $8.6 million, significantly higher than their current tax bill.
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