Tennessee Sports Betting Brings in $341.8 million for December

Tennessee Sports Betting Brings in $341.8 million for December
© USA Today

Like other states across the country, Tennessee saw a dip in sports betting activity in December.

The handle for Tennessee sports betting was $341.8 million for the month, a decrease of 6.5% from November’s $365.7 million. It was the second consecutive month Tennessee saw a lower handle after the state set a monthly handle record in October with $375.3 million.

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December gross payouts in Tennessee was $317.2 million, down 3.5% from November’s $328.8 million and was a decrease of 6.7% from October’s $352.4 million.

The state’s adjusted gross income for December was $16.5 million, 44.3% lower than November’s $29.6 million, which was a record for the state. Tennessee’s December privilege tax was $3.3 million, a decrease of 44.1% from November’s $5.9 million.

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Tennessee Sports Betting, Dec. vs. Nov.

Total HandleGross Payouts Adj. Gross Income
December$341.8M$317.2M $16.5M
November$365.7M$328.8M$29.6M
Change Down 6.5% Down 3.5% Down 44.3%

Note: Tennessee’s sports betting market is all mobile.

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Wagr Goes Live in Tennessee

Wagr, a new social sports betting app that allows friends to wager against each other instead of through a traditional sportsbook, officially went live in Tennessee on Thursday.

“Tennessee! We’re officially live and excited for you to download Wagr and start betting with your friends. Check us out and let us know who you’re betting on first,” Wagr posted on its Twitter account.

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Wagr was founded in 2020 and is the first social sports wagering operator to have a license in the U.S. The company is targeting casual bettors looking to use a social media platform that doesn’t require extensive betting knowledge. Reddit co-founder Alexis Ohanian was key in the $4 million seed-funding round.

“It’s about productizing what already goes down in everyone’s group chat, which is wagers between friends about sporting outcomes,” Ohanian told Bloomberg in an interview. “Right now, the way these get resolved is through a Cash App payment or a Venmo payment on Monday, and surely we can do better.”

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Wagr features point spread bets and is considering adding moneyline and prop bets in the future. Players can bet with friends, family members or someone on the app who will also take on their action. The app will post the odds, take payments from each person and has a chat function where each bettor can talk trash.

If someone is unable to find a friend or relative who will take a bet, Wagr can match two players in the same state looking to bet the opposite side of a bet. There is a $500 limit for a single bet, and players can also make their betting limits.

“Ultimately, it’s to create a healthier approach to gambling,” Ohanian said of the app. “It’s frankly the perfect time for a business like Wagr to come in and want to build something that really disrupts the way that sports betting has traditionally been done.”

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