Tennessee’s sports betting market ended 2024 on a strong note, with December’s gross wagers reaching $572.7 million. This marked a 15.8% increase compared to December 2023’s $495.1 million, though it fell 4.3% short of the state’s record $598.6 million set just a month earlier in November.
After $2.9 million in adjustments, the total gross sports betting handle for December stood at $569.8 million. This represented a 16.1% year-over-year increase but was 4.1% below November’s adjusted total. The Tennessee Sports Wagering Council (SWC) did not provide specific details on the nature of these adjustments or a breakdown of the betting data by operator or sport.
The state generated $10.5 million in tax revenue from sports betting during the month. While the SWC does not report operator revenue, the growing numbers show the continued expansion and adoption of legal sports wagering in Tennessee.
The University of Tennessee football team’s performance likely contributed to the increased betting activity. The Volunteers secured a spot in the first-ever 12-team college football playoff, a milestone that engaged fans across the state. Despite their 42-17 loss to Ohio State on December 21, their playoff appearance generated significant interest among sports bettors.
Tennessee’s sports betting market is currently supported by 12 licensed online platforms, as retail betting remains unavailable in the state. Operators include BetMGM, FanDuel, Caesars, DraftKings, and Hard Rock Bet, along with Bally Bet, which was the most recent to launch in the state. Other platforms such as ZenSports, Betly, Superbook, and Tennessee Action 24/7 also contribute to the diverse offerings available to consumers.
December’s uptick in wagers coincided with the exit of offshore sportsbook Bovada, which ceased operations in Tennessee on November 7 after receiving a cease-and-desist letter and a $50,000 fine from the SWC. Bovada’s closure marked Tennessee as the 16th U.S. market it exited.
“Our licensed sportsbook operators provide important consumer protections not found in the illegal market, and the closure of Bovada’s virtual doors in Tennessee is an important step toward the eradication of unlicensed, illegal sportsbooks in Tennessee,” said SWC Chairman Billy Orgel in a press release.
Original article: https://www.yogonet.com/international/news/2025/01/17/92158-tennessee-sports-betting-grows-in-december-with-5727-million-in-wagers
