Tennessee Sees Notable Year-Over-Year Growth in April Sports Betting
In April, Tennessee experienced a significant uptick in sports betting activity, with figures surpassing those from the previous year. The gross handle for sports betting reached an impressive $463.6 million, showcasing a 21.7% increase compared to April 2022.
Though this growth is commendable, it’s worth noting that the April total fell short of March 2023’s record, which stood at $548.6 million—an indication of a seasonal dip.
When accounting for $3 million in undisclosed adjustments, the adjusted gross wagers for April came in at $466.5 million. This marks a 21.4% year-on-year increase but still reflects a 15.5% decrease from the previous month.
While the Tennessee Sports Wagering Council does not provide insights into individual operator performance or overall sports betting revenue, it did disclose that the state collected $8.6 million in privilege tax from wagering activities during April. As of July 2023, operators are taxed at 1.85% of their total betting handle—unique among U.S. states in its approach.
Currently, 11 online platforms cater to bettors in Tennessee. Major players include FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, Caesars, Bally Bet, and Hard Rock Bet, along with smaller brands like Betly, ZenSports, and Tennessee Action 24/7.
Tennessee has been a player in the sports betting landscape since legalizing it in April 2019, though online sportsbooks only became available in November 2020. Notably, the state has opted for an exclusive online betting model, eschewing retail sports wagering.
This ongoing growth in sports betting indicates a thriving interest in wagering among Tennesseans, paving the way for further developments in the industry.