Basketball season is here, and while the Memphis Grizzlies are struggling, the Volunteer State continues to see more wagers.
Tennessee’s Sports Wagering Advisory Council (SWAC) reported that the state accepted $517.1 million in wagers last month, a roughly 16% monthly increase versus the $445.1 million in October. Sportsbooks claimed $1.6 million in adjustments, a slight jump from the previous month.
Year-over-year, Tennessee saw a 17.6% increase in bets.
Tax haul narrows
For the second straight month, Tennessee’s relatively new tax bill proved to be effective, albeit slightly. However, lawmakers may be questioning their decision to stop taxing operators on their revenue.
Since reforming the tax rules, the monthly bill has been mixed compared to the previous available data. Following a couple of months with lackluster results, the tax bill exhibited improvement in October, but November presented more complexity, with operators paying $9.5 million in taxes.
For the previous year, the state generated $9 million from approximately $440 million in wagers.
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