Tennessee sports wagering handle hits $180.9m in December

The Tennessee Education Lottery has published sports wagering figures for December, the second month of sports wagering in the state.

According to the latest figures from the Tennessee Education Lottery (TEL) sportsbooks in the state processed $180.9m in sports wagers in December, up from the $131m wagered in November.

Bettors in the state managed to win back $167m from sportsbooks in December suggesting that the state’s four operational sportsbook operators generated $13.9m in revenue in December.

This revenue figure would represent a slight increase on the $13.2m sportsbooks made in November.

The report also shows that after adjustments, sportsbooks in the state paid $3.1m in tax revenue to the state. In Tennessee, sportsbook operators are taxed on 20% of their gross revenue.

Still no specific data for operators

Similar to the TEL’s first financial report from November, the state report did not include specific data, instead, it only included handle, payout, and tax revenue.

This makes it near impossible to determine how the state’s four operational sportsbooks are performing on an individual basis.

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.

Three sports betting operators including WynnBet, William Hill and BetAmerica, are currently waiting for their Tennessee betting licenses to be approved.

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