Tennessee sports betting handle dips month-on-month in January

In January, player spending on sports betting in Tennessee experienced a month-on-month decline; however, the amount wagered remains notable, marking the fourth highest total since the state’s legal market was established in November 2020.

Gross wagers in Tennessee for the month reached an impressive $549.0 million (£442.7 million/€530.4 million). While this figure represents a substantial 17.4% increase compared to the same period last year, it reflects a decrease of 4.1% from the $572.7 million wagered in December 2023.

The record for gross sports wagers in Tennessee stands at $598.6 million, set in November 2024. January’s total falls short of this record by 8.3%, highlighting the competitive landscape of sports betting in the state.

According to data from the Tennessee Sports Wagering Council, after applying adjustments totaling $5.3 million, the gross handle for the month was recorded at $543.6 million. This total exhibits a remarkable 16.7% increase over the previous year’s figures, although it shows a decline of 4.6% compared to December’s performance.

From a tax perspective, the privilege tax collected for January surpassed $10.0 million, reflecting the growing regulatory framework and financial implications of sports betting in the state.

It is important to note that while the council provides these metrics, it refrains from disclosing the specifics of the reported “adjustments” in its monthly summaries. Additionally, there is no breakdown of activities by individual operators or sports, nor is operator revenue publicly available, complicating efforts to gain deeper insights into market performance.

Analyzing Tennessee’s Live Sports Wagering Platforms

Tennessee pioneered online-only sports wagering, distinguishing itself by establishing a legal sports betting framework without the need for retail locations. This innovative approach has recently been mirrored by lawmakers in states like Vermont and Wyoming, who have also authorized digital-only betting systems.

Currently, Tennessee boasts 11 active sports betting platforms, comprising both national and regional operators. Prominent brands include Caesars, Bally Bet, FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, and Hard Rock Bet. Additionally, local operators such as Betly, ZenSports, and Tennessee Action 24/7 contribute to the diverse sports betting ecosystem available to residents and visitors alike.

The competitive nature of Tennessee’s online sports betting market illustrates a dynamic environment where operators strive to resonate with consumers through innovative offerings and robust marketing strategies. As the industry continues to evolve, understanding these trends becomes crucial for stakeholders aiming to navigate the complexities of the gambling landscape effectively.