And now for something different. Tennessee has numbers to share, folks. Good numbers. Post tax-change numbers.
When Tennessee launched its sport betting program, they charged a 20 percent tax on adjusted gross income, the common metric used by states, according to The Center Square.
The tax equals handle minus winning payouts. In July, the state scrapped the 20 percent in favor of a 1.85 percent tax on total handle, or the amount bet before winning wagers were paid.
How did that work out?
Tennessee brought in $9.5 million in taxes in November, an increase from $9.4 million last November when the old tax calculations were in place. Not much difference. The interesting number is $517 million, which was the handle in November, the first time collected wagers passed the $500 million mark.
October numbers were $8.2 million in taxes based on $445.2 million in handle.
Tennessee allocates 80 percent of its sports betting taxes to the Lottery for Education Fund, another 15 percent for the general fund of local governments and the remaining 5 percent for the Department of Mental Health.
While Tennessee results deserve accolades, New York state leaves the much smaller state behind. More than 19.7 million call New York home compared to 7 million-plus in Tennessee.
In the state of New York, November reached a handle milestone with $2.1 billion, just ahead of the $2 billion in October. The overall handle for the fiscal year has surpassed $12 billion, said Yogonet Gaming News.
You get the picture?
FanDuel and DraftKings combined accounted for 80 percent of the total mobile handle in the state. In October and November alone, FanDuel raked in $891.9 million in October and increased to $925.4 million in November. DraftKings went from $652.3 million in October to $632.1 million a month later.
BetMGM, a consistent third with over $100 million in mobile sports bets in October, saw growth in November to $120.6 million.
The overall net revenue scheduled for education came close to $77 million, while sportsbook providers enjoyed a collective $74 million in net revenue.
Gross gaming revenue for mobile sports betting fell in November to $150.9 million but the total for the fiscal year exceeded $1 billion already.
December showed no signs of slipping. For the week ending December 10 mobile sports wager revenue hit $56.9 million, third-largest recorded in the state.
