Tennessee betting handle hits $172.4m in April

Tennessee’s April figures helped push the state’s total betting handle past $1bn.

According to the latest figures from the Tennessee Education Lottery (TEL) bettors in the state wagered $172.4m on sporting events in April.

Tennessee sports betting handle in April was down 16.3% on the $205.9m wagered on sports in March which was the state’s second-highest handle figure.

The $172.4m wagered in April also represents the state’s lowest handle figure since the first month of legal betting in November 2020.

Of the total wagered in April, $156.9m was paid out in winnings to bettors, leaving operators with $14.4m in adjusted gross revenue.

April’s revenue was also down from the $16.1m generated by operators in March.

Legal sportsbook operators in the state paid $2.8m in sports betting privilege tax in April.

Total handle passes $1bn

Although the state of Tennessee saw its betting figures drop in April, the $172.4m wagered helped to push the state’s total betting handle past $1bn.

In November 2020, the first month of legal betting, sportsbooks took $131.4m in bets, followed by $180.9m in December, $211.3m in January, $176.3m in February, and $205.9m in March.

With the TEL reporting $172.4m in handle for April, this adds up to $1.08bn in total betting handle since the market went live last year.

In that same period, sports betting revenue amounts to $92.4m, and operators have paid $18.3m in taxes to the state.

Sports betting in Tennessee

In late May 2019, Tennessee became the fourth state to legalise sports betting. Governor Bill Lee allowed the state’s sports betting bill to pass into law without his signature, despite being opposed to the expansion of gambling.

The Tennessee sports betting market is so far the only US state to limit sports betting to online and mobile devices.

Tennessee’s sports betting market launched on 1 November with DraftKings, FanDuel, BetMGM, and Tennessee Action24/7.

Since the market went live in November, a handful of other sportsbook operators have received approval to launch from the TEL.

In February, the US casino giant Wynn Resorts received approval to launch its WynnBet product in the state of Tennessee.

Then in March,  the sports betting giant William Hill went on to launch its mobile sportsbook in the state.

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