Tennessee Sports Betting Sees Increase in December
Tennessee’s sports betting market saw an increase in player spending in December, with a total of $493.3m being spent. This marks a 12.0% increase from the same month the previous year. However, it also represents a 4.3% decrease from the record-breaking $515.5m wagered in November 2023.
November was a significant month for the state, as it was the first time that player spending on betting exceeded $500.0m. This milestone comes just a year after the state’s legal wagering market was opened in November 2020.
The gross handle figure of $493.3m also accounted for $1.7m in adjustments, bringing the total gross wagers to $495.1m. While December’s numbers show a 12.4% increase year-on-year, it still falls behind the $517.1m posted in November.
Tennessee has seen a number of leading operators active in the state’s sports betting market. FanDuel, DraftKings, and BetMGM were among the first to go live when the market launched over three years ago. Since then, the market has expanded, with additional operators joining, such as Fanatics Sportsbook and ESPN Bet.
Fanatics Sportsbook went live in August of the previous year, and ESPN Bet rolled out in November 2023. These launches were part of multi-state expansions for both brands, with Fanatics Sportsbook also entering markets in Maryland, Massachusetts, and Ohio.
Further back, Hard Rock launched its sports betting operations in Tennessee in September 2022, leveraging its existing presence in the state with three Hard Rock Cafés. Caesars Sportsbook also runs sports betting in Tennessee through a partnership with the Tennessee-based NBA team Memphis Grizzlies, started in August 2022.
During December, the state was able to generate $9.1m in privilege tax from sports wagering, according to figures released by the Tennessee Sports Wagering Council. However, no data on revenue was included in the report.
Overall, while December saw an increase in player spending, it fell short compared to November’s record-breaking numbers. Nevertheless, the state’s sports betting market continues to show strong growth and potential for further expansion in the future.