Mobile sports betting continues gaining steam in Tennessee as the state’s sportsbooks reported a combined gross handle of just over $386 million in January. It’s the highest monthly total since legal sports betting launched in the state on Nov. 1, 2020.
The nine mobile sportsbooks operating in the state had a total gross handle of $386,059,756 and adjusted gross revenue of $29,087,518 after paying out just shy of $350 million. Tennessee collected $5,817,504 in privilege taxes.
The previous record gross handle came in October 2021, when the sportsbooks handled a combined $375.3 million. Bettors were more successful in October, compared to January 2022, winning $352.4 million for an adjusted gross income of $17.2 million.
Gross handle in Tennessee since launch sits at $3.4 billion through the end of January.
And February may break January’s record as Main Street Nashville reports the state’s mobile sportsbooks saw a gross handle of $23,111,449 for Super Bowl 56. Gross payouts totaled $19,669,687.
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January’s totals were released for the first time by the Tennessee Sports Wagering Advisory Council. The Tennessee Lottery previously regulated sports betting for the state.
The changes, though, aren’t expected to have any tangible impact on sports bettors themselves, according to Mary Beth Thomas, SWAC’s executive director.
“I do not believe that sports fans will notice any immediate difference in the platforms offered by current operators,” Thomas told Main Street Nashville. “Most of the changes that the SWAC made to the rules during the transition relate to the back-office functions of operators, reporting requirements, and the licensure process, none of which really impact the player’s experience.”
Thomas said the SWAC will soon begin reviewing license applications submitted by several platforms looking to join the nine currently offering mobile sports betting. A mobile sports betting license in Tennessee costs $750,000 annually.
Thomas said she believes there’s plenty of room for the continued growth of mobile sports betting in Tennessee.
“I think that the growth really depends on the platforms and offerings developed by the sports wagering operators and the subsequent interest and engagement of Tennessee players,” she said.
