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Tennessee’s sports betting market ended 2024 on a high note, with December wagers reaching $572.7 million. This reflected a 15.8% increase compared to December 2023’s $495.1 million, though it remained 4.3% below the record $598.6 million posted in November.
After adjustments totaling $2.9 million, the gross sports betting handle for December stood at $569.8 million. This marked a 16.1% year-over-year rise, though it fell 4.1% short of November’s adjusted total. The Tennessee Sports Wagering Council (SWC) has not disclosed specifics regarding these adjustments or provided operator or sport-specific data.
The state collected $10.5 million in taxes from sports betting in December. Although operator revenue figures remain unavailable, the consistent growth highlights the increasing adoption of legal sports betting in Tennessee.
One of the factors contributing to the heightened betting activity was the University of Tennessee football team’s performance. The Volunteers made history by qualifying for the first-ever 12-team college football playoff. While their playoff run ended with a 42-17 loss to Ohio State on December 21, the achievement fueled statewide excitement and betting interest.
Currently, Tennessee’s sports betting market operates exclusively online through 12 licensed platforms, as retail betting remains unavailable. Major operators include BetMGM, FanDuel, Caesars, DraftKings, and Hard Rock Bet. Bally Bet, the latest addition, joined a lineup that also features ZenSports, Betly, SuperBook, and Tennessee Action 24/7.
December also saw the departure of offshore sportsbook Bovada, which ceased operations in Tennessee on November 7. Following a cease-and-desist letter and a $50,000 fine from the SWC, Bovada exited its 16th U.S. market.
Commenting on the development, SWC Chairman Billy Orgel said, “Our licensed sportsbook operators provide important consumer protections not found in the illegal market, and the closure of Bovada’s virtual doors in Tennessee is an important step toward the eradication of unlicensed, illegal sportsbooks in Tennessee.”
With increased consumer protections and a growing lineup of operators, Tennessee’s sports betting market is poised for continued growth.