The Tennessee Education Lottery has issued its latest monthly revenue report showing a sports betting handle of $176.3 million for the month of February.
This marks a 16.6% drop on January’s record-breaking sports betting handle of $211.3 million. February’s handle is also the lowest since November’s handle of $131.4 million.
The report also reveals that the sportsbooks paid out $163.3 million leaving just $13 million in taxable revenue. This was a drop of 40.4% on January’s adjusted gross income of $21.8 million.
As a result, state taxes from the sports betting industry amounted to just $2.6 million.
The news follows the recent suspension and reinstatement of local sports betting operator Tennessee Action 24/7’s sports betting license following a lottery investigation into claims of credit card fraud by depositors.
Image credit: Derrick Brutel / CC BY-SA 2.0