In the latest gambling news from your preferred sportsbook pay per head blog, the rise in wagering on football steers Tennessee sports betting to greater heights with a 72% increase in handle. The jump in handle shows us a 72.5% increase in betting from August’s $243.4 million to September’s $420 million handle.
The remarkable increase in betting activity is not just because football betting season is ongoing. The year-on-year data also shows a 25% increase in handle from the same month last year. A 25% increase yearly is a very good percentage to have, as it means your market is growing.
And if you have a growing betting market, they it will be easier for you to earn more from sports betting. You can learn what is a bookie pay per head service to help you maximize your earning potential as a bookie.
Tennessee Sports Betting Numbers are Great for September
Computing for your revenue and hold percentage can easily be done with your Pay Per Head Bookie software. But for betting in Tennessee, it’s a bit more complicated. The tax laws in the state make it a bit challenging for the state to collect more in taxes from revenue. So even though we have an amazing betting handle, the state actually gets to collect less taxes.
Currently, the state charges their tax bill based on gross wagers, rather than just having a higher percentage over net revenue. So last year, the handle is $337 million, with a 13% hold, giving us around $46.3 million in revenue, therefore $8.7 million in taxes. This way of computing is very similar to neighboring markets.
However, with this year, we see $80 million more than the previous year. But since they are only taxing 1.85% of the gross revenue, they only get to collect $7.7 million in taxes. For the state to collect more in taxes, they will want to see more betting activity happen within their area. And since football season picks up around this time, many are optimistic that the next report will give us the trifecta of having a high betting handle, a higher revenue point, and a higher hold percentage.
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