The Tennessee Sports Wagering Council (SWC) has published its sports betting results for October, revealing that bettors spent a record total of $551.2 million during the month. After $3.4 million in adjustments, gross handle came to an all-time high of $547.8 million.
Gross handle increased around 5.2% from the previous record of $520.8 million set just a month earlier. Handle also rose 23.4% year-on-year, against $443.8 million in October 2023. It also marks the third occasion since the market’s 2020 launch that the total handle has surpassed $500 million, having reached $515.5 million in November last year.
The October figures also resulted in a record-breaking $10.1 million in tax revenue paid to the state, marking the first month that this figure hit double digits.
The Titans’ NFL performance so far
Despite the impressive sports betting numbers, this year’s NFL season has been tough so far for the state’s beloved team, the Tennessee Titans, who have lost seven of their first nine games. While the SWC has not provided a detailed breakdown, including payouts and sportsbook revenue, operators likely saw a profitable month if bettors were backing the Titans to win. October marked the first full month of NFL betting after the 2024-25 regular season kicked off on Sept. 5.
It was a different story in Michigan, with the Michigan Gaming Control Board reporting -$822,552 in retail sports betting revenue after the Detroit Lions' strong performance. The team is leading the NFC North division with an 8-1 record, resulting in big payouts to bettors backing the Lions.
The report does not reveal how much was bet on each sport. However, with the NFL in full swing, several states are recording substantial football bets. For instance, the latest Vermont sports betting figures revealed a $17.3 million handle, of which $6.5 million was spent on the sport.
Looking ahead
Judging off last year's figures, the Volunteer State could be reporting another record-breaking handle next month. The SWC reported a $515.5 million handle in November 2023, up 16.2% month-on-month from October 2023. With the same increase this year, the November handle could surpass $600 million.
While the SWC does not report betting by operator, Tennessee is home to 12 licensed online sportsbooks, including market leaders such as DraftKings, Caesars, BetMGM, and FanDuel. Last month, the state welcomed its newest operator with the arrival of Bally Bet Sportsbook, bringing Tennessee sports fans “an unparalleled wagering experience,” according to a press release from Bally’s.
But this was not Bally’s first partnership in Tennessee. Since 2021, the company has been the official sports betting partner of the state’s NHL team, the Nashville Predators.
Tennessee sports betting launched in November 2020 following the enactment of HB1. The state made history as the first to legalize online-only sports betting, with no plans to launch retail sportsbooks anytime soon.
