Tennessee becomes first US state to enact betting handle tax law
Tennessee paves the way to become the first US state to tax sports betting operators based on their betting handle, replacing the existing gross gaming revenue (GGR) tax model
Tennessee Governor Bill Lee has signed Senate Bill 475 into law, making Tennessee the first state in the US to tax sports betting operators based on their betting handle rather than their revenue.
The law also introduces changes to licensing fees, renaming the regulator and implementing a multi-tiered system for renewal fees based on operators' betting handle.
The new legislation aims to increase tax revenue for the state and is set to go into effect in July.