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

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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.

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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.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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Daily News

SOFTSWISS Jackpot Aggregator Sees 2.6x Surge in Bets: 2023 Report

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In a dynamic year for the iGaming industry, the SOFTSWISS Jackpot Aggregator has released its 2023 report, offering insights into significant trends and achievements.

Notably, the report reveals a staggering 2.6 times increase in bets participating in jackpots, shedding light on the growing appeal of these mechanics among operators and players alike.

A Year of Remarkable Growth

Throughout 2023, bets participating in jackpots experienced consistent quarterly growth, witnessing a remarkable 165% increase from January to December. By the end of the year, the total value of these bets had surged to an impressive 6.396 billion euros. Moreover, the number of jackpot campaigns witnessed a substantial growth of 3.8 times compared to the previous year, totaling 230 campaigns.

Expanding Reach and Impact

One of the standout achievements of 2023 was the expansion of the Jackpot Aggregator’s footprint. The number of brands utilizing its jackpot solution tripled within the year, culminating in over 70 active brands by year-end. This surge in adoption reflects a heightened level of market trust and interest in the product.

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Introducing the Prime Jackpot Campaign

A significant milestone of 2023 was the introduction of the Prime Jackpot campaign, which debuted in Q4. This innovative feature garnered considerable attention and interest from players across various casinos. The Prime Jackpot campaign allows operators to participate in shared prize pools, ensuring that rewards are drawn from the collective pool rather than from a specific brand operator. This approach not only offers larger rewards to attract more players but also enhances player engagement and loyalty while optimizing operational costs for operators.

Insights from SOFTSWISS

Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator, shared his insights into the year’s achievements. He emphasized the noticeable increase in clients and connected casino brands, as well as the growing volume and value of bets in jackpots. He expressed satisfaction in witnessing clients actively embracing the Jackpot Aggregator and recognizing the added value it brings to their brand operations. The solution empowers operators to provide players with enhanced gaming experiences and more enticing winnings. Client feedback is actively collected and analyzed to ensure clients have access to the most sought-after tools and mechanics.

Looking Ahead to 2024

In 2024, the SOFTSWISS Jackpot Aggregator is set to extend its reach to a wider spectrum of clients. This expansion will be guided by a customized approach, ensuring that each client can tailor the product’s capabilities to meet their specific requirements.

Meet SOFTSWISS at ICE London

The SOFTSWISS Jackpot Aggregator team will be present at ICE London from February 6th to 8th, 2024. They are ready to showcase their latest advancements and engage in discussions with existing and potential clients.

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About SOFTSWISS

SOFTSWISS is a renowned international iGaming company that offers certified software solutions for managing gambling operations. With a dedicated team of over 2000 employees spread across Malta, Poland, and Georgia, SOFTSWISS holds multiple gaming licenses and provides comprehensive iGaming software solutions. Their diverse product portfolio includes the Online Casino Platform, the Game Aggregator featuring thousands of casino games, the Affilka affiliate platform, the Sportsbook software, and the Jackpot Aggregator. In 2013, SOFTSWISS made history by introducing the world’s first Bitcoin-optimized online casino solution.

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