Tennessee sports betting handle hits record high in November

Taxes amounted to $9m in November.

12/19/22

The state has reported $439.5m in bets, up nearly 20 per cent year-on-year.

US.- Bettors in Tennessee wagered $439.5m on sports in October, according to Tennessee’s Sports Wagering Advisory Council (SWAC). That’s an 8 per cent increase from October’s $405m and up 20 per cent compared to the same month in 2021. It’s also a new state record, breaking the previous high set in October.

Tennessee also set new state highs for gross revenue at $47.2m and adjusted revenue at $45.2m. It was the second time in three months that gross operator revenue topped $45m.

There are 13 licensed online sportsbooks in Tennessee. Operators posted a combined 10.8 per cent hold for November, the third-highest all-time. State taxes surpassed $9m, the highest total outside of New York, Illinois, Pennsylvania and New Jersey this year.

The state dedicates 80 per cent of the taxes collected from sports gambling to education, 15 per cent for distribution to local governments and 5 per cent to mental health programs. Tennessee has seen more than $6.4bn in wagers since it opened online sports gaming in November 2020, with $106.3m in taxes collected over the period.

In this article:

sports betting