Tennessee Betting Handle Hits $493.3 Million in December
Date: 2024-01-17 Author: Dima Zakharov Categories: SPORTS BETTING
Strong December Performance: Tennessee's sports betting handle for December 2023 reached a staggering $493.3 million. This represents a noteworthy 12% increase compared to the same month in the previous year. However, it was 4.3% lower than November's record-breaking handle of $515.5 million.
November Milestone: November 2023 was a historic month for Tennessee's sports betting market as it surpassed the $500 million mark for the first time since its legalization in November 2020.
Gross Handle Adjustments: The gross handle figure for December included $1.7 million in adjustments, resulting in a total of $495.1 million in gross wagers.
Year-on-Year Growth: Despite the month-on-month decline, Tennessee's December handle demonstrated impressive year-on-year growth, increasing by 12.4%. However, it still fell short of the all-time high of $517.1 million posted in November.
Privilege Tax Revenue: The state benefited from sports wagering activities, collecting $9.1 million in privilege tax revenue during December. Unfortunately, detailed data regarding revenue was not disclosed.
Leading Operators: Tennessee's sports betting market boasts leading operators such as FanDuel, DraftKings, BetMGM, Fanatics Sportsbook, and ESPN Bet, which have been active since the market's inception. These operators offer a diverse range of sports betting options to residents.
Market Expansion: Over the years, Tennessee's sports betting market has seen significant growth, with new operators like Fanatics Sportsbook and ESPN Bet joining the fray. Additionally, Hard Rock launched in September 2022, while Caesars Sportsbook operates in collaboration with the Memphis Grizzlies NBA team.
Tennessee's sports betting landscape continues to evolve, with growing enthusiasm and participation from players and operators alike. While December saw a dip from November's record-breaking numbers, the state's sports betting industry remains robust and promising.
