Sports betting handle in Tennessee falls to $176.3m in February
Dip in wagering follows national trend for the shortest month.
Sportsbook operators in Tennessee saw just $176.3m in handle in February, according to the Tennessee Education Lottery.
Analysts with PlayTenn said drop of 16.6% from $211.3m in handle in January was consistent with the experience in most states, as February has three fewer days and a lot fewer NFL games.
Adjusted gross income also dropped to $13m in February from a state record $21.8m in January, a decline of 40.4%.
The state collected $2.6m in taxes, officials said.
February’s handle was the smallest in the Volunteer State since its first month of legalized sports betting, which was November 2020.
At least the Super Bowl was profitable, as books won close to $3m on $15m in bets on the big game.
However, February nudged Tennessee’s lifetime handle to $699.9m, the most of any US state in its first four months of legal sports wagering.
“As quickly as Tennessee has grown, this is a reminder the state is still very much a part of the same sports betting ecosystem that dictates the rest of the US market,” Nicole Russo, analyst for PlayTenn.com, said in a statement. “Sportsbooks have really done a great job of engaging a sports-crazy population, though. Tennessee’s market has some challenges, but an enthusiastic customer base has a way of overcoming most anything.”
Jessica Welman, another analyst for PlayTenn.com added: “Even with increased competition from neighboring Virginia, Tennessee still could close the gap with far more mature markets such as Indiana. Considering how quickly bettors have embraced online sports betting, there is plenty of reason to believe that the state’s operators will be able to sustain growth even as their early advantages begin to dissipate.”
As reported by Gaming America, the TEL suspended Action 24/7’s license last week for alleged money laundering and proxy betting. The operator responded with a lawsuit.
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