Its too early to tell, but if January is any indication for the health of Tennessee’s legal sports betting market, then 2025 will be a strong year. The Tennessee Sports Wagering Council (SWC) reported sportsbooks accepted $543.6 million in bets last month. It's the fifth straight month of over half a billion in wagers, with only Nov. 2023 seeing that much previous action.
Compared to last month, Tennessee saw handle fall 4.6%, but year-over-year sports betting enjoyed more than 16% growth. However, statewide operators are probably ready to buckle down. January is normally the year's best month until September (when the NFL season starts again). March Madness usually comes close, but handle begins to fall.
A great 2024 for Tennessee
Now that 2024 is in the books, we can sit back and applaud the strength of the Tennessee sports betting market. Every single month was higher than the previous year and on top of that five months saw handle grow more than $100 million year-over-year. In the end, the Volunteer State reported $5.2 billion in 2024 wagers, a 23% rise.
Neighboring states join Tennessee’s strength
All the evidence of a strong betting market isn't just limited to Tennessee. Next door states Virginia and North Carolina also saw impressive numbers.
While several states reported a decline in handle between December and January, North Carolina bucked that trend and enjoyed a slight increase. Plus, its revenue basically doubled month-over-month.
Virginia and Kentucky both announced an all-time handle high for Nov. 2024 and December, while down compared to the last month, was still their second best. In Kentucky, regulators projected $23 million in annual tax revenue from sports betting. 2024 by itself recorded nearly $40 million.
