December Betting Handle Hits $493.3 Million in Tennessee
LISTEN TO THIS ARTICLE:Licensed sportsbooks in Tennessee reported a combined gross handle of $493.3m in December 2023, up 12.0% compared to the handle recorded the same month in 2022.
However, the figure lagged by 4.3% behind the record $515.5m wagered in November 2023.
Adjusting for $1.7m, the gross handle figure contributed to a total of $495.1m in gross wagers. Although Tennessee's gross handle in December increased by 12.4% compared to the previous year, it was 4.3% lower than the $517.1m reported in November.
During the month, Tennessee generated $9.1m in privilege tax from sports wagering, as reported by the Tennessee Sports Wagering Council. However, the figures released did not cover data on revenue.
The Evolution of Tennessee's Sports Betting Market
When Tennessee established its market in November 2020, it welcomed leading operators like FanDuel, DraftKings, and BetMGM. The market has grown over the years, with additional operators joining more recently.
One of them is Fanatics Sportsbook, which began operating in the jurisdiction in August last year. Concurrently, the brand expanded its reach into Maryland, Massachusetts, and Ohio as part of its broader growth strategy.
In 2022, operators like Hard Rock and Caesars Sportsbook launched in the Tennessee market. The former already has three Café subsidiaries within the state and a Hard Rock Bristol Casino across the state line in Virginia when it launched in September 2022.
Caesars was able to roll out its sports betting services in the state in August 2022 via its multi-year partnership with Memphis Grizzlies, a Tennessee-based NBA team.
The latest operator to enter Tennessee is ESPN Bet, which debuted in the market in November 2023 and went on to launch across a total of 17 states.
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