Super Bowl LVI brings $23m in bets for Tennessee sportsbooks
Sports betting analysts say February will be a strong month for the state based on January’s success.
January has been Tennessee’s largest month to date. According to data released by the Tennessee Sports Wagering Advisory Council (SWAC), the state’s eight active sportsbooks took in $386.1m in wagers during the month, an increase of 83% from this time last year.
January’s total surpassed the $375.3m that was collected in October.
Gross revenue was up 47% year over year, reaching $36.2 million. Promotions whittled adjusted revenue to $29.1m, which yielded $5.8m in tax revenue.
January’s numbers did not include most Super Bowl wagering, according to SWAC.
Tennessee sportsbooks raked in $23m in Super Bowl bets, according to analysts at PlayTenn. Most of those bets came in this month, a strong follow-up to January’s large handle.
Tennessee sportsbooks collected $8m more in bets on this year’s Super Bowl than in 2021’s game. Operators won $3.4m on those bets for a particularly high 14.9% hold on the Big Game.
Analysts project the increase in activity during this year’s Super Bowl will set the tone for another high-performance year for sports betting, with the upcoming NCAA Men’s Basketball Tournament adding to the upward momentum.
Tennessee sportsbooks made a significant leap forward during the NFL season. This is due to the addition and improvement of same-game parlays, in-game betting and prop bet features.
January also had five weekends of football and an extra week during the NFL’s regular season, which proved to be an advantage. The expanded playoffs contributed to a surge in activity as well.
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