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00:02 - Tennessee making an announcement
00:04 that they're going to tax sports betting.
00:06 Very interesting here, by the handle,
00:09 not the total revenue that they make.
00:11 So all the money that's coming in gets taxed, correct?
00:14 - Yeah, it's certainly unique.
00:19 They're the only state in the country now
00:22 that's doing this.
00:23 And this law, they talked about it,
00:26 they passed it and approved it back in May.
00:29 It took effect July 1.
00:32 So in June was the last month
00:34 that sports book operators in Tennessee
00:38 were taxed at 20% of their revenue.
00:42 So now starting July 1,
00:45 they're going to be taxed at 1.85% of their overall handle.
00:50 And contributing to this,
00:54 Tennessee originally had a minimum hold.
00:58 So the sports books had to win at least 10% every month.
01:03 And that just proved to be unsuccessful
01:07 for the operators there.
01:09 So this tax change was kind of born out of that.
01:14 Sports books were being fined and whatnot.
01:18 So now moving forward, Tennessee sports books handle tax,
01:23 only state in the country with that.
01:25 So we'll see how that goes for them
01:28 over the next couple of months.
01:29 We get some data in and we'll share it with you here, Craig.
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