Tennessee sports betting handle reaches $378.2m in February

Tennessee’s sports betting handle increased by 15.6 per cent year-over-year.

US.- Bettors in Tennessee wagered $378.2m on sports in February, according to Tennessee’s Sports Wagering Advisory Council (SWAC). The handle was up 15.6 per cent year-on-year but down 18.8 per cent from January ($465.8m). It was the third consecutive month of decline in the Volunteer State.

Discounting $2.2m in adjustments, the gross handle for February in Tennessee reached $380.4m, up 16.2 per cent year-on-year. The state generated $7m in privilege tax, 9.4 per cent ahead of February 2023 but 18.6 per cent behind January’s $8.6m. The SWAC did not disclose data in terms of revenue.

In July 2023, Tennessee became the only state taxing sportsbook operators on handle after Senate Bill 475 changed the system 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.