Tennessee sports betting gross handle rises 21.7% in April – Finance
Tennessee’s Sports Betting Market Sees Significant Year-on-Year Growth in April
April 2023 marked a notable milestone for Tennessee’s sports betting landscape, with a remarkable year-on-year increase in gross betting handle. The state experienced a 21.7% rise compared to April of the previous year, despite a downturn from the total handle recorded in March 2023.
According to the Tennessee Sports Wagering Council, the gross handle for April reached an impressive $463.6 million, surpassing last year’s total of $380.9 million. However, this figure fell short of March’s $548.6 million by 15.5%. This performance reflects ongoing trends in the industry and highlights the dynamic nature of sports betting in Tennessee.
It is essential to note that the gross handle figure excludes $3 million in undisclosed “adjustments.” When including these adjustments, the total gross wagers for April amounted to $466.5 million. This still represented a robust 21.4% increase from the same month last year, yet it remained 15.5% lower than the preceding month.
While the council refrains from disclosing detailed revenue data or segmenting performance by individual operators, it revealed that the privilege tax from sports wagering reached $8.6 million in April. This tax rate, set at 1.85% of the betting handle, distinguishes Tennessee as the sole state in the U.S. to implement such a structure.
The Tennessee online sports betting market comprises 11 active platforms. Notable operators include:
- FanDuel
- DraftKings
- Fanatics
- ESPN Bet
- BetMGM
- Caesars
- Bally Bet
- Hard Rock Bet
- Betly
- ZenSports
- Tennessee Action 24/7
Tennessee legalized online sports betting in April 2019, officially launching its first online sportsbooks in November 2020. The state has opted for a fully online betting model, foregoing retail sports wagering entirely. This strategic decision not only positions Tennessee as a leader in the online sports betting arena but also reflects current trends favoring digital platforms as consumer preferences shift toward convenience and accessibility.
The growth trajectory observed in April serves as a strong indicator of the potential for future expansion in Tennessee’s sports betting market. Operators and stakeholders should remain vigilant in adapting to regulatory changes and market dynamics to maximize opportunities in this increasingly competitive landscape.
