Tennessee Betting Handle Sees 5.6% Decline in January
Date: 2024-02-15 Author: Dima Zakharov Categories: SPORTS BETTING
Tennessee’s Betting Downturn
Tennessee's Betting Handle Falls: Tennessee saw a dip in its betting activity in January, with a 5.6% decrease in handle compared to December. The total spending by players amounted to $465.8 million, marking a 9.6% decline from the record-setting month of November last year.
A Closer Look
First Surpassing $500 Million: November 2023 marked a significant milestone as Tennessee's handle surpassed $500 million for the first time since the state's legal wagering market opened in November 2020.
Quarterly Performance
Gross Wagers: Alongside the drop in handle, gross wagers in Tennessee also experienced a 5.6% decline from the previous month, totaling $467.4 million. Despite this, January's gross wagers were 13.8% higher than the same period in 2023.
Tax Assessment
Decrease in Tax Revenue: The privilege tax assessed for January dipped to $8.6 million, marking the first time it fell below $9 million since November 2023. According to the Quarterly Survey of State and Local Tax Revenue, Tennessee ranked seventh in the country for tax generated by sports betting in Q3 2023.
Operators' Impact
Leading Operators: Tennessee's betting market saw contributions from leading operators such as FanDuel, DraftKings, and BetMGM since its launch in 2020. Expansion continued with Fanatics Sportsbook's arrival in August 2023 and ESPN Bet's launch in November, extending its reach across 17 states.
Conclusion
The betting landscape in Tennessee experienced a downturn in January, reflecting fluctuations in player activity and handle. Despite the decline, Tennessee remains a significant player in the legal wagering market, with leading operators continuing to expand their presence in the state.
