Tennessee Sports Betting Handle Rises 13.4% Year-on-Year Despite Monthly Dip

Tennessee's sports betting market experienced a notable surge, witnessing a 13.4% increase in handle year-over-year, totaling $378.2 million in February. Although this marks the third consecutive month of decline, February's gross handle was still 15.6% higher than the same month last year. However, it fell short by 18.8% compared to January's $465.8 million bet.

The monthly handle figure, which incorporates $2.2 million in adjustments, provides a comprehensive view of sports betting activity in the state. Excluding these adjustments, the gross handle for February stood at $380.4 million, indicating a robust 16.2% year-on-year increase. However, on a month-on-month basis, it experienced an 18.6% decline.

The Privilege Tax for February amounted to $7.0 million, reflecting a 9.4% increase compared to February 2023. Nevertheless, it marked an 18.6% decrease from January's $8.6 million. The Tennessee Sports Wagering Council (SWC) did not disclose revenue data or a breakdown of each licensed operator.

February's Super Bowl should have boosted revenues compared to January, making next month's results crucial. While Tennessee's sportsbook sector remains stable, future updates will be closely monitored for significant shifts. Despite the monthly decline, Tennessee remains a frontrunner in legal sports wagering, with analysts expecting market recalibration in the coming months.