Tennessee sports betting gross handle rises 21.7% in April

Sports betting gross handle in Tennessee increased 21.7% year-on-year during April but fell short of the total for March this year.

Gross handle topped $463.6 million, according to the Tennessee Sports Wagering Council. This cleared the $380.9 million posted in April last year but missed March’s $548.6 million total by 15.5%.

The gross handle figure discounts $3 million worth of undisclosed “adjustments”. When including this, gross wagers for the month amounted to $466.5 million. This was 21.4% higher year-on-year, but again 15.5% less than March of this year.

The council does not publish data on sports betting revenue, nor does it reveal how individual operators performed each month. However, it did reveal that privilege tax from wagering totalled $8.6 million in April.

As of July 2023, licensed operators pay tax at 1.85% of their betting handle. Tennessee is the only US state to base its tax rate on handle.

A total of 11 online platforms are active and taking sports bets in Tennessee. These include FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, Caesars, Bally Bet and Hard Rock Bet.

Other brands active in the state include Betly, ZenSports and Tennessee Action 24/7.

Tennessee legalised sports betting in April of 2019, but the first online sportsbooks did not launch until November 2020. Only online betting is permitted, with the state having opted against legalising retail sports wagering.