Tennessee sports betting handle posts $493.3m in December

Tennessee sports betting handle increased 12 per cent from December 2022, however, it was 4.3 per cent behind the record wagered in November 2023.

US.- Tennessee sports betting handle registered $493.3m in December, up 12 per cent from the same month in 2022. However, it was 4.3 per cent behind the record $517.1m wagered in November 2023. That month was the first time that handle exceeded $500m since its launch in November 2020.

According to the Tennessee Sports Wagering Council, the state generated $9.1m in privilege tax from sports wagering during the month.

Several operators went live when the market launched. FanDuel, DraftKings and BetMGM have been live since the opening day, taking bets across a wide range of sports. The Tennessee market has expanded over the years, with several more operators joining recently.

In July 2023, Tennessee became the only state taxing sportsbook operators on handle after Senate Bill 475 changed the system from revenue to a 1.85 per cent levy on handle. Some 80 per cent of the taxes go to education, 15 per cent for distribution to local governments and 5 per cent to mental health programmes.