Tennessee Sports Betting Handle Surges to Record $517.1M in November

Tennessee’s sports betting market has achieved a remarkable milestone, with the sports betting handle reaching an impressive $517.1 million in November, as reported by the Tennessee Sports Wagering Advisory Council (SWAC). This figure not only represents a significant 16.16% increase from October but also marks a 17.68% rise year-over-year. This achievement is particularly notable as it’s the first time the handle has surpassed the $500 million mark since the market’s inception in November 2020.

Historic moment for Tennessee’s sports betting! November sees a record-breaking handle of $517.1 million, underscoring a robust growth trajectory.

The state’s sports betting scene has been witnessing steady growth, with this latest figure highlighting the increasing popularity and engagement of sports wagering among Tennesseans. The handle’s substantial increase not only signifies the market’s health but also points to the growing interest and trust in the state-regulated sports betting platforms.

Sportsbooks reported $1.63 million in adjustments for November, a 16.78% rise from October, though there was a 22.37% decrease when compared year-over-year. From this flourishing market, Tennessee collected $9.51 million in privilege fees. Notably, in July 2023, Tennessee pioneered a unique taxation model, becoming the only state to levy taxes on sportsbook operators based on the handle, rather than revenue. This change, enacted through Senate Bill 475, imposes a 1.85% tax on the handle.

Explore the dynamic world of sports betting in Tennessee. With the market reaching new heights, it presents exciting opportunities for sports enthusiasts and bettors alike.

The state’s innovative approach to taxation, with 80% of taxes allocated to education, 15% distributed to local governments, and 5% dedicated to mental health programs, illustrates a commitment to not only fostering a thriving sports betting environment but also ensuring that the revenue generated contributes positively to vital state programs.

Tennessee’s record-breaking sports betting handle in November is a testament to the state’s effective regulatory framework and the growing enthusiasm for sports wagering. It reflects the state’s successful strategy in creating a secure and attractive betting landscape, benefiting both the industry and the community at large. As the market continues to expand, Tennessee sets a benchmark for other states considering or refining their sports betting regulations, proving that a well-managed sports betting ecosystem can be both lucrative and socially responsible.