Tennessee sports betting ascended to a new level in October, as monthly wagering cracked the $400-million barrier for the first time in the state’s history.
The Tennessee Sports Wagering Advisory Council (SWAC) reported recently that the state's online sports betting sites handled $405.3 million in bets for October, up 20.3% compared to September and a new monthly record for the state.
Since Tennessee launched its online-only model of legal sports betting in November 2020, the state’s handle had never surpassed $400 million, until October. Last month’s wagering was also an increase of about eight percent over October 2021’s handle.
An unlucky number
Tennessee's online sportsbooks paid out around $368 million in winnings to bettors last month, leading to gross revenue of $37.3 million, which was good for a hold of 9.2%. Those numbers were weaker than the $46.3 million in gross revenue and 13.7% win rate that the state’s books reported for September.
After making about $2.5 million in adjustments, revenue for Tennessee's online-only operators was $34.8 million last month, down from September's $43.6 million. Tax assessed in October was almost $7 million, which was also down from September, when the books owed $8.7 million to the state.
There are 13 licensed online sportsbook operators in Tennessee, although one of them is the now-shuttered Fubo Sportsbook.
