Tennessee closes 2021 on a high with $2.7bn in wagers for the year
December saw bettors spend over $340m, the third highest handle in the state’s history.
2021 ended on a positive note for the Volunteer State as bettors wagered over $340m, bringing Tennessee’s yearly total to $2.7bn.
According to the Tennessee Education Lottery’s Sports Wagering Advisory Council (TSWAC), December saw the state’s eight sportsbooks accept $341.8m in bets, an 88.9% year-on-year increase when compared to 2020. This marked the continuation of a hot-streak for the region, with the previous four months often seeing record-breaking figures across the board.
This streak is reflective of a trend across the nation, as packed NFL and college football schedules combined to see the activity explode throughout the country. Specifically, this positive month for sports betting in the state can be attributed to the playoff push by the Tennessee Titans.
Gross revenue also saw a boost, coming in at $24.6m, increasing 77% from the prior-year period. However, this marks a decline from November’s numbers, with the penultimate month of the year seeing sportsbooks win a record $36.9m.
This signals the end of Tennessee’s first complete year of sports betting, a year that saw the jurisdiction become the ninth biggest regulated sports betting market in the United States. Indeed, in 2021, handle came in at approximately $2.7bn while revenue was $239.9m. Meanwhile, gaming raised $39.3m in state taxes.
Some questions have been raised regarding the state’s capped payout rule, with operators who fail to meet it potentially being fined up to $25,000. However, the TSWAC is set to review this law, with it being the only regulation of its kind in the US.
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