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Gross wagers in Tennessee surged in March, signaling a market rebound

Monday 15 de April 2024 / 12:00

www.covers.com

⏱ 2 min read

(Tenessee).- In March, gross mobile sports betting wagers in Tennessee rose by 20.6% compared to the previous year, reaching $473.6 million. This growth halted three consecutive months of decline.

Gross wagers in Tennessee surged in March, signaling a market rebound

In Tenessee, The monthly total was some way ahead of the $392.7m wageredin March last year. It was also 25.2% more than the $378.2m spent by players in February.

However, the March total was some way short of the record in Tennessee. Players wagered an all-time monthly high in November 2023.

After taking into account $1.6m in adjustments, cross handle for Tennessee in March was $472.0m.

In terms of privilege tax from sports betting, the state collected a total of $8.7m. This was up 24.8% from February’s $7.0m but 0.5% down on the previous year, despite the handle rise.

The Tennessee Sports Wagering Council does not publish data regarding monthly revenue, nor any information on individual operator performances.

Tennessee tax can be an asset … sometimes

While we wait for Kentucky’s numbers, neighboring Virginia shows that action has fallen in the Volunteer State but state coffers are less affected.

From January to February, Tennesse sports betting handle fell 18.6% while Virginia was just 16.5%. But in February, the public was all over the Kansas City Chiefs who won the Super Bowl, cutting Virginia’s revenue by a third. Tennessee on the other hand was not hurt.

Tennessee’s unique tax rate, which is 2% of all wagers taken in, instead of the industry standard or a percentage of net revenue, is proving to be a stable form of money for the state. Tennessee came away with just under $7 million while Virginia made just $6.3 million despite taking in more than $150 million more in bets.

Tennessee’s tax rate appears to be effective in months where bettors improve their winnings, but when the operators win big they are left behind.

Categoría:Others

Tags: Sin tags

País: United States

Región: North America

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