The return of football spiked Tennessee’s betting handle during August.
Tennessee’s Sports Wagering Advisory Council (SWAC) revealed the Volunteer State recorded $344.3 million in total wagers in August, a substantial increase from $273.9 million wagered in July.
As a result of the increased August betting handle, sportsbook operators in Tennessee paid a collective privilege tax of $6.3 million, up $1.3 million from $5 million sent in July.
Yearly increase in betting numbers
The betting handle in Tennessee for August 2023 came in at $241.8 million, paling in comparison to the $344.3 million wagered during August 2024.
In August 2023, Tennessee sports betting collected $4.4 million in tax revenue, marking a substantial rise in revenue since the state’s General Assembly revised the tax structure to 1.85% of the gross betting handle recorded each month.
Across state lines
Kentucky and Virginia are two other states in the same region with legal online sports betting, so let’s assess how their revenue compared to Tennessee’s numbers during July 2024.
Virginia recorded $376 million in total betting handle during July, generating $40.3 million in revenue with a 10.7% hold rate, with $6 million in tax revenue. While revenue stayed the same at just over $40 million, Virginia’s betting handle dropped from $412 million in June, to $376 million in July, which also decreased tax revenue from $6.1 million to $6 million.
Kentucky’s July betting numbers totaled $129.2 million in total betting handle, with revenue recorded at $15.1 million. Both of these numbers were down from June, dropping $21 million in betting handle and $300,000 in state revenue.
Tennessee was lower than Virginia in terms of total betting handle in July, recording $273.9 million, but substantially higher than Kentucky, which finished with $129.2 million. Tax revenue in the Volunteer State was $5 million during July, lower than Virginia by $1 million, but more than double compared to Kentucky, recording $2.13 million in tax revenue during July.
