It has been a great year for sports betting in Tennessee, and November proved to be the best month yet. The Tennessee Sports Wagering Advisory Council (SWAC) announced that mobile sports betting brought in a handle of $439.4 million in November.
The handle sets the monthly record for Tennessee since mobile sports betting went live in 2020. The handle of $439,456,908 beat out the previous record that was set in October with a handle of $405,337,575.
November’s handle brings Tennessee’s total combined handle for this year to more than $3 billion.
A large part of the month’s handle is likely due to the NFL season being in full swing, but November had a fairly full sports calendar with the World Cup, college football, NBA, and more in play.
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A Closer Look At The Numbers
November’s numbers also set a record in terms of gross revenue with $47.2 million and an adjusted revenue total of $45.2 million. The number just barely beat out the previous record for adjusted revenue which was set in September with $46.3 million. In October the adjusted revenue total was $34.7 million.
In Tennessee, each sportsbook operator’s gross gaming revenue is taxed at 20%. The state brought in more than $9 million in taxes last month — more than $2 million more than October’s total of $6.9 million. This brings Tennessee’s total taxes raised from sports wagering to more than $106 million. For the year, sports wagering has earned the state a combined $58.5 million in privilege tax.
Tennessee sports wagering numbers for November – pic.twitter.com/rmH2KHURRo
— Mary Beth Thomas (@MBT37215) December 15, 2022
The numbers are a huge jump from November 2021’s total handle of 365.7 million and $5.9 million in privilege tax revenue. In 2021 the numbers for November were a total handle of just $131.4 million and tax revenue of $2.4 million.
The SWAC doesn’t publicly disclose details on the numbers from individual sportsbooks. It also does not break the handle down into individual sports.
So far for 2022 June, July, and August were the slowest earning months for sports betting, only bringing in a combined handle of $604.4 million between the three months.
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Available Sportsbooks in Tennessee
In Tennessee, sports betting is only legal on mobile platforms. It’s unclear whether in-person sports betting will come to the state, but it seems unlikely. With mobile betting being legal though there are 11 sportsbook operators currently live in the state. All of them offer sign-up bonuses.
- BetMGM
- FanDuel
- Caesars Sportsbook
- Betly
- DraftKings
- Barstool Sportsbook
- Hard Rock Sportsbook
- SuperBook
- Tennessee Action 24/7
- Wagr Inc.
- WynnBET
BallyBet is the only sportsbook operator that has been granted a sports wagering license but has yet to launch. Fubo Sportsbook was also granted a sports wagering license but the company shut down the sportsbook in October.
In October the SWAC announced that it had renewed the sports wagering licenses for FanDuel, DraftKings, BetMGM, and Action 24/7. In Tennessee, mobile operators must apply for license renewal each year. Operators must also pay a $750,000 annual fee for licensing.
Article contributed by Kayleigh Toney
