- Over $180.9 million was wagered on sports in Tennessee in December.
- Tennessee collected $3.1 million in tax revenue from sports betting.
- A total of $5.4 million in tax revenue has been collected in the first two months of the Tennessee sports betting market.
NASHVILLE, Tenn. – Tennessee has already managed to see major success in its new sports betting market as month two surpasses the record-breaking launch month.
In just the second month, the Volunteer State has already seen a total of $5.2 million in tax revenue since launch.
Tennessee Sports Betting Grows
The legal sports betting market in Tennessee currently has four sportsbooks operating, with plans to launch three more before Super Bowl LV.
With just the four active books, however, Tennessee saw $180,900,000 wagered on sports according to the official report released by the Tennessee Education Lottery (TEL). This is a 37.6% increase in activity from the $131.4 million wagered in November.
The TEL’s report shows that the Volunteer State collected $3,080,000 in sports betting revenue, up from the $2.3 million wagered last month.
The early success of the Tennessee sports betting market gives good signs for future months as well. This upcoming Super Bowl will be the first time that NFL bettors will be able to wager domestically in the state.
The Super Bowl is one of the most wagered on sporting events every year. Tennessee is expected to see an even bigger betting handle leading into Super Bowl Sunday.
In addition, the NBA season continues as well as the Summer Olympics coming later in the year. Tennessee’s first full year of sports betting will have some of the largest sports betting potential available.
More sportsbooks will be working to gain market access to Tennessee as the numbers show strong sports betting interest in the state.
A record-breaking start to sports betting will surely help Tennessee become established as a national leader in the legal U.S. sports betting market.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.