Tennessee may not have ended 2024 on the highest note, but there are plenty of positives to take from the past few months for the Volunteer State.
The Tennessee Sports Wagering Council (SWC) announced, in December statewide operators took in $572.7 million in wagers, 4% less than the $599 million bet in November.
After adjustments, the official handle came in at $570 million. Therefore, while December’s action was less than November’s, it was the second-best month in Tennessee history.
This trend is not specific to Tennessee, states such as Iowa and Indiana also reported a strong December handle despite it being slightly lower than the previous month.
Plus, December 2023 and 2021 showed the same pattern (December 2022 stayed unchanged month over month).
Compared to 2023, Tennessee legal sportsbooks enjoyed a 16% increase in wagers. That means, revenue-wise, last month brought in $10.5 million, more than $1 million dollars greater than December 2023’s $9.1 million.
NFL brings in the bets
While Tennessee does not publish specific information on the bets sportsbooks take, there is an obvious correlation between the NFL season and wagering.
The Volunteer State has had sports betting since 2020. The only months where handles have passed $500 million have been during the football season. And March 2024 has been the only non-football month to exceed $400 million.
Neighboring states also seeing highs
Tennessee wasn’t the only state to report an all-time high in wagers for November.
Their neighbor to the northeast, Virginia, just announced $760 million in handle, which was a new high, and 9.3% better than October. During that same period, Tennessee saw an 8.6% spike.
North Carolina’s November was the second-best month since launch. In December, action fell 4.3% in the Tar Heel State, just a hair more than Tennessee.
Unlike the other states who are feeling the pain these past few months, as bettors have been hammering the sportsbooks, Tennessee’s decision to tax handle instead of revenue appears to be a smart move. This is because, last month, North Carolina saw revenue drop more than 50%, but Tennessee’s coffers grew month over month.
