Tennessee sports betting spend falls again in February

February’s Consumer Spending on Sports Betting in Tennessee: A Trend Analysis

In February, consumer spending on sports betting in Tennessee experienced a decline for the third consecutive month. However, it is noteworthy that the total amount wagered surpassed the figures from the previous year.

Gross wagers in Tennessee for February totaled an impressive $417.4 million (£322.8 million/€384.7 million). While this figure represents a significant 24% decrease from January’s totals, it does reflect an 8.7% increase compared to the $380.4 million wagered during the same month last year.

According to the Tennessee Sports Wagering Council, the state has witnessed a continuous monthly decline in gross wagers since an unprecedented record of $598.6 million was established in November 2024.

Following adjustments totaling $3.9 million, the gross handle for February settled at $413.5 million. Despite this adjustment, it still reflects a decrease of 23.9% from January but marks an impressive 9.3% increase from February of the previous year.

In terms of government revenue, the overall privilege tax generated from sports betting reached $7.6 million. It is important to note that the Tennessee Sports Wagering Council does not disclose comprehensive revenue figures or provide a detailed breakdown of activities by operator or sport, limiting transparency within the market.

Tennessee’s sports betting landscape currently features 11 active platforms, catering to a diverse array of consumers. Major industry players include Caesars, Bally Bet, FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, and Hard Rock Bet. Additionally, local competitors such as Betly, ZenSports, and Tennessee Action 24/7 also contribute to the state’s dynamic sports betting ecosystem.

As the market evolves, industry stakeholders, including operators and regulators, must closely monitor these trends to adapt strategies effectively and capitalize on the opportunities presented within Tennessee’s growing sports betting landscape.