Tennessee sports betting handle hits record $386m for January

According to the Tennessee Sports Wagering Advisory Council, the month’s wagers surpassed the previous record of $375.3m set in October.

US.- Tennessee’s eight active sportsbooks took $386.1m in wagers in January, an increase of 83 per cent year-on-year, according to data released by the Tennessee Sports Wagering Advisory Council (SWAC). Tennessee sportsbooks registered $23m in Super Bowl bets, up nearly 50 per cent compared to $15.4m in wagers from the 2021 Super Bowl.

January’s handle surpassed the previous record of $375.3m set in October. Gross revenue reached $36.2m, an increase of 47 per cent year over year and just $700,000 below November’s record $36.9m. The 9.4 per cent hold was more than 2 full percentage points higher than December’s 7.2 per cent win rate and slightly higher than the all-time mark of 8.8 per cent.

The $8.1m that operators claimed in promotional revenue meant the state was able to apply its 20 per cent tax rate on close to $29.1m in adjusted gross revenue and collected more than $5.8m in tax receipts.

Alec Cunningham, an analyst for PlayTenn.com said: “The Super Bowl is always going to bring significant action, but five weekends of football in January that included an extra week of the NFL’s regular season and an expanded playoff was a particular boon for sportsbooks.

“With the NCAA Men’s Basketball Tournament just ahead, sportsbooks should continue to see high betting volume numbers before seasonally tapering off in the spring.”

See also: Tennessee sports betting handle hits $340m in December