A Record $551.2 Million Was Wagered on Sports in TN in October
A perfect storm emerged in October to result in a record $551.2 million in sports wagers in Tennessee. The NFL, college football, the NBA, NHL, and MLB playoffs were all on display last month, and Tennessee sports bettors responded by setting a record for total handle.
Tennessee sportsbooks accepted a record $551M in bets in October.
Third Time Volunteer State Topped Half a Billion in Sports Bets Placed
Tennessee bettors set a new record in October, wagering $551.2 million on sports, according to figures released by the Tennessee Sports Wagering Council (SWC). This marks the third time since the state’s market launch that monthly wagers have exceeded the $500 million mark.
The previous records were set in September 2023 with $520.8 million in sports betting wagers and equaled in November 2023 with roughly the same amount.
Compared to October 2023, the handle increased by $107.4 million, reflecting the rapid growth of the state’s sports betting market. Tax payments also rose significantly, up from $8.2 million collected during the same month last year.
The SWC reported an adjusted handle of $547.8 million for October, reflecting $3.4 million in adjustments. However, the report does not specify the nature of these adjustments or provide a breakdown of bets by operator or sport.
Additionally, the SWC does not disclose operator revenue figures. That means we do not know how much individual sportsbooks such as BetMGM, FanDuel, or Caesars took in.
Record-Breaking Tax Revenue
In October, Tennessee collected $10.1 million in taxes from digital sports betting operators, the highest monthly tax revenue since the market launched in November 2020. This is the first time tax payments have exceeded $10 million, surpassing the previous record of $9.6 million set in September. Tennessee imposes a 20% tax rate on digital sports betting operators.
TN: Unique Online Sports Betting Market
Tennessee’s sports betting market stands out as the first in the U.S. to operate exclusively online, with no brick-and-mortar gambling locations. Currently, 12 online sports betting operators are open for business in the state. The sportsbooks have been driving consistent growth and record-breaking figures.
The success of legal sports betting operators in the Volunteer State has helped clear the decks: offshore sportsbook Bovada has reportedly shut down in Tennessee. Earlier in 2024, state regulators hit Bovada with a cease-and-desist letter and issued a $50,000 fine.
That apparently got the attention of the offshore betting platform. It used to target states with advertisements and odds, often states that have healthy betting markets, or even ones without legal sports wagering.
