Tennessee Sports Betting Hits Record Highs in November

Tennessee’s sports betting industry reached new heights in November, achieving record-breaking numbers for the second consecutive month. Gross wagers totaled an impressive $598.6 million, representing a 16.1% increase from the same period last year and an 8.6% rise over October’s previous high of $551.2 million. The strong performance highlights the continued growth of the state’s betting market as consumer interest remains robust.

 

The Record Reports

The Tennessee Sports Wagering Council reported $11 million in tax revenue from sports betting activities in November, surpassing the $10.1 million collected in October to set a new all-time high. Tennessee’s unique approach to taxation, which is based on a percentage of handle rather than revenue, distinguishes it from other states with commercial sports betting. This method, implemented since the market's launch in November 2020, ensures steady tax income for the state regardless of operators’ profitability. While the Council does not disclose detailed figures on adjustments, the reported $4.2 million likely reflects promotions or incentives provided by operators to attract bettors.

Tennessee operates a mobile-only sports betting market, with no legal retail wagering currently available. This digital exclusivity has not hampered growth, as the state now boasts 12 licensed operators, including major players like Caesars, FanDuel, DraftKings, BetMGM, and Hard Rock Bet. Newer entrants such as Fanatics and ESPN Bet are also making their mark, while local operator Tennessee Action 24/7 adds a regional flavor to the competitive landscape. The absence of retail betting establishments has allowed Tennessee to focus on optimizing its online platforms, driving accessibility and convenience for users statewide.

 

Tennessee’s sports betting market continues to thrive, breaking records with $598.6 million in wagers and $11 million in tax revenue for November, highlighting the success of its unique mobile-only, handle-based model.

 

The Future

The record-breaking figures for November underscore the success of Tennessee’s regulatory framework and the growing appetite for sports betting among residents. The state's unique taxation model provides a consistent revenue stream for public services while fostering a competitive market environment that encourages innovation and investment. With its strong performance, Tennessee continues to position itself as a leader in the national sports betting scene, demonstrating the potential for sustainable growth in a well-regulated, mobile-only market.

As Tennessee’s betting market matures, the state remains well-positioned to capitalize on increasing consumer demand. Record-breaking handles and tax revenue figures reflect a thriving industry that contributes significantly to state coffers while attracting major operators and new entrants. Moving forward, Tennessee’s approach could serve as a blueprint for other states looking to balance regulatory oversight with market-driven growth, ensuring that sports betting continues to be both profitable and well-regulated.