Tennessee Adjusts Online Sportsbook Accounting Requirements, Leading to Increase in Taxes Collected on Earnings

After Executive Director Mary Beth Thomas and the Tennessee Sports Wagering Council took over the management of online sports betting in the state to start 2022, Thomas vowed to review how sportsbooks were reporting their earnings and therefore paying taxes.

That accounting review led to changes, starting July 1, in how those earnings are reported and how the taxes are calculated. And, while the changes are subtle, they already are making a difference in Tennessee’s bottom line.

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