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Tennessee’s sports betting market saw another impressive month in November, as gross wagers hit a new record of $598.6 million. This figure marks a 16.1% increase over November 2023 and an 8.6% rise from the previous all-time high set in October. According to data from the Tennessee Sports Wagering Council, November’s handle surpassed expectations, further solidifying the state’s growth in the sports betting industry.
After accounting for $4.2 million in undisclosed adjustments, the state’s gross handle for the month stood at $594.4 million. Alongside this, the state achieved a new milestone in tax revenue, collecting $11 million from sports betting activities. This exceeded the previous record of $10.1 million, set just a month prior in October.
The Tennessee Sports Wagering Council, however, did not provide details on sports betting revenue or break down performance by operator or sport. Despite this, the continued growth is evident, particularly with the state’s unique tax structure. Tennessee remains the only state with commercial sports betting that generates tax revenue based on a percentage of handle, a model that has contributed to the state’s success since the market’s opening in November 2020.
Retail wagering is still illegal in Tennessee, and the state’s sports betting market is completely online. There are presently 12 active mobile betting platforms in the industry, and the licensed operators include well-known brands like Caesars, FanDuel, DraftKings, BetMGM, and ESPN Bet. Additional authorized sites that give bettors a variety of options for making bets on different sports are Bally Bet, Hard Rock Bet, Fanatics, and Superbook.
With mobile platforms leading the way and tax revenue reaching all-time highs, Tennessee’s sports betting business is growing at an unstoppable rate as it continues to set records.