Tennessee Breaks Records with $515.5 Million in November Sports Betting Handle

Tennessee's Sports Wagering Advisory Council revealed an astonishing achievement in the world of sports betting. In November, the state reported a staggering $515.5 million in gross handle, a figure that had never been reached before. This remarkable feat signifies a significant moment in the state's sports betting history.

The numbers speak for themselves. Tennessee experienced a remarkable 16.2% increase in handle compared to the previous month, surpassing the 6.2% rise recorded in October. While it didn't quite match the exceptional 72.9% month-to-month growth seen in September, it remains a noteworthy accomplishment. This surge in sports betting activity coincided with the start of the NFL and college football seasons.

Not only did the handle break records, but gross wagers also achieved a historic milestone, exceeding $500 million for the first time. November saw a substantial $517.1 million in gross wagers, marking a 17.7% increase from the same month in the previous year and a significant 41.4% surge compared to November 2021.

Tennessee's success in sports betting is not just limited to betting enthusiasts; it's also benefiting the state's coffers. The state collected a substantial $9.5 million in privilege tax, once again hitting a record high. This impressive tax revenue demonstrates the economic impact of the growing sports betting industry in Tennessee.

Tennessee's journey in the world of sports betting has been a rollercoaster ride. After a challenging start that saw revenue hit a record low of $10.1 million in August 2021, the state has made an incredible rebound. November's gross wagers were a staggering 257.9% higher than those recorded in August 2021, showcasing the resilience and growth of the industry.

Several prominent sportsbooks have entered the Tennessee market in recent years, including Fanatics Sportsbook, ESPN Bet, and Hard Rock. FanDuel, DraftKings, and BetMGM paved the way when sports betting was legalized in 2020. Caesars Sportsbook's partnership with the Memphis Grizzlies in August 2022 further illustrates the growing interest in Tennessee's sports betting market.