Football was clearly good for sports betting in Tennessee, as the state saw a monstrous monthly increase in legal sports betting action for September.
The Tennessee Sports Wagering Advisory Council reported today that the state's online sportsbooks (there is no retail betting in Tennessee at the moment) generated more than $336.9 million in wagers during September — a massive 63.8% increase from Tennessee's handle in August.
The September 2022 figure was also up nearly 31% from September 2021, when bookmakers took $257.3 million in bets, although the 63.8% MoM increase for 2022 isn't as big as 2021's 78% jump from before and after football was underway.
The state’s sportsbooks took in $46.3 million in gross revenue in September, which equates to a hold of 13.7%. The hold is slightly better than August (13.2%), while the gross revenue increased by $19.1 million.
Strong adjusted income
After paying out more than $290.6 million to winning bettors, plus accounting for $2.7 million in adjustments (which is actually a lower figure than August), revenue for the state's books was nearly $43.6 million — a nearly 79% increase from the previous month.
The privilege tax assessed, based on the state's 20% requirement on sports-betting revenue, amounted to sportsbooks paying the state $8.7 million last month.
The Tennessee SWAC currently has 13 operators listed as licensed to offer sports betting in the state, although one of those is fubo Gaming inc. — which just announced yesterday that it was shutting down its Fubo Sportsbook as part of its third-quarter revenue.
