Tennessee sports betting handle hits $340m in December

The state has reported $3bn in wagers and $240m in revenue for the last month of 2021.

US.- Tennessee Sportsbooks have reported a handle of more than $340m for December, making the final month of 2021 the third-highest in state history for wagers. The state’s eight active sportsbooks took $341.8m in wagers in December, up 89 per cent from a year earlier.

December revenue was up 77 per cent year over year; promotions adjusted revenue to $16.5m, resulting in $3.3m in tax revenue. The final month of 2021 marked the end of the state’s first full-year sports betting industry, with a four-month gross of $110.4m from $1.3bn in wagers.

The year brought in nearly $3bn in wagers and $240m in revenue, making Tennessee the ninth-largest US state for sports betting. While official figures have yet to be released, analysts say the state’s cumulative holding percentage, the revenue sportsbooks keep based on handles, could fall below 10 per cent, meaning some operators face small fines for their 2021 operations.

operators who do not comply with the capped payment rules for the current year or the operating portion of the year can be fined up to $25,000. However, the Tennessee Sports Betting Advisory Committee is reviewing that rule, the only one of its kind in the United States.

In November, Tennessee’s sportsbooks had set a record for daily revenue at nearly $40m, beating the previous record set in October.