December featured the return of Ja Morant for Tennesseans hoping he could bring some life to the Memphis Grizzlies. And that’s exactly what he did, although his brief presence didn’t save the statewide handle from dropping.
Tennessee’s Sports Wagering Advisory Council (SWAC) announced that the state took in $495 million, a 4.2% drop from the $517.1 million in bets in November. Sportsbooks did increase their adjustments, albeit slightly from $1.6 million to $1.7 million.
While handle fell month over month, compared to this time last year, Tennessee reported a 12.4% jump in wagers.
Tax haul falls behind again
After two months of success, Tennessee’s relatively new tax on handle, instead of revenue, missed last month.
December 2023 saw nearly $55 million more wagers than at this point last year, and yet the tax bill fell short. This December, sportsbooks in the Volunteer State paid $9.1 million in taxes. December 2022 had a bill of $9.4 million (with less action).
That being said, I must note that the hold percentage last year was more than 11%, which is not a number that most states rely on for monthly tax revenue. But as sportsbooks start looking to increase their bottom line, a double-digit hold doesn’t seem as out of reach once a state’s betting market matures.
