Tennessee sports betting handle up 15.4% in May from 2024

Gross sports betting handle in Tennessee reached $437.5 million in May, an improvement on last year but down month-on-month.

The May figure cleared the $379.2 million reported in the previous year by 15.4%. However, it fell 5.6% short of the $463.6 million gross betting handle posted in April by the Tennessee Sports Wagering Council.

Tennessee’s operators reported $3.2 million worth of undisclosed adjustments in May. Without these adjustments, gross wagers for the month amounted to $440.6 million.

On this basis, gross wagers were 16.2% higher year-on-year but 5.6% less than April.

The council has not reported monthly revenue since July 2023. As such, it is not possible to calculate the state’s hold in May. However, the council did disclose that privilege tax from sports betting during the month topped $8.1 million.

Tennessee is the only US state to base its tax rate on handle. Licensed operators pay tax at 1.85% of their betting handle.

FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, Caesars, Bally Bet and Hard Rock Bet are among the 11 online platforms active in Tennessee. Betly, ZenSports and Tennessee Action 24/7 also offer online sports betting in the state.