Tennessee’s Sports Wagering Advisory Council (SWAC) recently announced that FanDuel, BetMGM, and DraftKings all earned sports wagering license renewals.
Action 24/7 was also approved for a license renewal. When Tennessee online sports wagering went live in 2020 all four operators were among the first to earn a sports betting license and launch.
DraftKings, FanDuel, and BetMGM are some of the biggest sports betting operators in the industry so the renewals were expected, but they were also necessary.
Tennessee’s sports wagering law only allows mobile operators to have a license for a year, they must apply to renew their license each year and pay a $750,000 fee annually.
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Tennessee Sports Betting Update
The sports betting law went into effect in Tennessee in May of 2019 with it officially going live in 2020. Tennessee sports betting law only allows for mobile wagering. It’s currently not legal for in-person sportsbooks.
It remains to be seen if in-person sports betting will come to the state but it seems unlikely for now as Gov. Bill Lee has been vocal about his opposition to expanding the law.
Sports bettors in Tennessee have a nice variety of sportsbooks to choose from, allowing them to shop around and find the best odds available.
The state has issued 13 sports wagering licenses so far but it’s likely that more will come in the future. Right now there are 11 sportsbooks operating in the state:
- Caesars Sportsbook
- FanDuel
- BetMGM
- DraftKings
- Betly
- Barstool Sportsbook
- Hard Rock Sportsbook
- SuperBook
- Tennessee Action 24/7
- Wagr Inc.
- WynnBET
BallyBet and Fubo Sportsbook are the last two to receive a license but aren’t yet operational. Fubo Sportsbook was previously granted a license but the company shut down its sports betting division earlier this month. It was only live in Arizona, Iowa, and New Jersey.
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Tennessee Sports Betting Revenue
Sports wagering in Tennessee has seen a lot of success in revenue since the launch, and 2022 has been a big year.
Football season has provided a large boon to the sports betting industry with September being the third-highest earning month so far this year. It helps that the University of Tennessee football team is enjoying one of its best seasons in recent history.
The SWAC announced that during September sportsbooks brought in more than $336.9 million in gross wagers and paid out $290.6 million to bettors. Sportsbooks brought in $46.3 million in gross revenue for the month as well.
Only January and March did better this year, bringing in $386 and $370.2 million respectively.
July and August were the lowest earning months bringing in a combined gross handle of $388.6 million.
In the state, each operator’s gross gaming revenue is taxed at 20%. Mobile apps have paid the state a combined $42.6 million in privilege tax so far this year. In September alone sportsbooks paid the state over $8.7 million almost double the amount that August brought in.
With the college football and NFL schedules both in full swing, if the trend continues Tennessee should continue to see increases in gross wagers as the end of the year approaches.
