Tennessee sports betting has seen its handle increase by 15.6% year-over-year.
Bettors in the Volunteer State wagered $378.2million on sports in the month of February, according to Tennessee’s Sports Wagering Advisory Council (SWAC).
Up by 15.6% year-on-year, the handle was down 18.8% from January’s figure of $465.8m. This represents the third straight month of decline in Tennessee.
Ignoring $2.2m in adjustments, February’s gross handle for Tennessee sports betting hit $380.4m, a rise of 16.2% year-on-year.
In the same month, the state generated $7m in privilege tax, up 9.4% on February 2023. However, that figure was 18.6% down on January’s $8.6m. Revenue data was not disclosed by the SWAC.
In July of last year, Tennessee became the only state to tax sportsbook operators on their handle. Senate Bill 475 changed the system, implementing a levy of 1.85% on handle.
Of these taxes, around 80% go to education, 15% to local governments, and 5% to mental health programmes.
Who Are The Major Players In Tennesee Sports Betting?
Another area lacking from the SWAC data was a breakdown of each licensed operator in Tennessee. The state legalised sports betting in November 2020, and has seen some big names enter the market.
DraftKings, FanDuel and BetMGM all went live on launch day and have since helped the market grow considerably.
Other operators have since entered the fray, including most recently Fanatics Sportsbook in August 2023.
ESPN Bet went live in Tennessee when it launched throughout 17 states nationwide. Hard Rock joined the Tennessee market in September 2022 when it added to its three Hard Rock Cafes in the state.
Furthermore, Caesars Sportsbook also operate sports betting in Tennessee. Caesars have a multi-year partnership with the Memphis Grizzlies. The Tennessee NBA team have been working with Caesars since August 2022.
For all of these sportbooks the end of the NFL season will have played a major role in their month-to-month dip in handle. Many operators nationwide will have posted their lowest figures since the start of the regular football season.
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