Betting on Football propels Tennessee to a second consecutive record-breaking total handle month
In Tennessee, the thrill of online sports wagering continues to soar, smashing records and showing no signs of slowing down. November's bets clocked in at an astounding $439.5 million, surpassing October's previous best and marking back-to-back months of handle exceeding $400 million.
Not content with simply setting a new handle record, Tennessee also broke its own records for gross sports betting revenue and adjusted revenue, with $47.2 million and $45.2 million respectively. These figures mark the second time in three months that gross operator revenue exceeded $45 million, with November's slightly edging out September's impressive $46.3 million.
Although the Sports Wagering Advisory Council remains tight-lipped about specifics, it's a safe bet that the National Football League (NFL) and college football provided the lion's share of betting action in November. The fall months have been nothing short of record-breaking in numerous states due to the sheer popularity of football wagering.
The operators' combined 10.8% hold for November represents the third-highest all-time in the state and underscores the continued growth of this burgeoning industry. The same trend is reflected in the adjusted win rate, which ranks third in state history and has cracked the 10% mark on four occasions over the past five months.
State taxes reached an astronomical $9 million in November, placing Tennessee amidst the ranks of New York, Illinois, Pennsylvania, and New Jersey in terms of annual tax contributions. With $106.3 million in taxes raised since legalization, Tennessee has become one of only six states to reach the $100 million milestone.
Looking at the bigger picture, Tennessee's sports betting handle, revenue, and taxes have experienced exponential growth since legalization in 2020. This growth can be attributed to factors such as the legal framework, accessibility, competition, sports fan engagement, marketing, promotions, and a supportive regulatory environment. As sports fans in Tennessee continue to flock to online sportsbooks, it's clear that the Volunteer State is well on its way to becoming a major player in the sports betting industry.
Sports betting in Tennessee surpassed its own revenue records in November, with gross sports betting revenue reaching $47.2 million and adjusted revenue at $45.2 million. The National Football League (NFL) and college football likely contributed significantly to this surge in betting action. The operators' combined hold of 10.8% in November was the third-highest all-time in the state, indicating a growing industry that has already raised $106.3 million in taxes since legalization in 2020.
