Tennessee Steady with $144.5M August Sports Betting Handle

Tennessee Steady with $144.5M August Sports Betting Handle
© USA Today

Sports betting in Tennessee remained steady for August.

A month after the state recorded a handle of $144.5 million in July, the Tennessee Education Lottery reported the same $144.5 million figure for August. The state only provides figures rounded to the nearest hundred thousand dollars.

Gross payouts in August came out to $131.3 million, up 1.5% from $129.4 million in July. Adjusted gross income was $10.1 million, down 24.6% from July’s $13.4 million.

Tennessee’s state privilege tax was $2 million for August, down 23% from July’s $2.6 million.

Tennessee Sports Betting, August vs. July

Total HandleGross Payouts Adj. Gross Income
August$144.5M$131.3M $10.1M
July$144.5M$129.4M$13.4M
Change Even Up 1.5% Down 24.6%
 

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Football Bump Expected

States across the country saw a slight bump in August revenue with the return of the NFL and college football.

Tennessee will likely see its own increase in September with college football and NFL betting in full swing.

Since Tennessee launched sports betting in November 2020, the Tennessee Lottery has taken in more than $1.6 billion in sports wagers.

Tennessee is one of the few states that only has online sports betting.

 

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New Options Could Also Increase Revenue

The 2021-22 football season will be the that residents in Tennessee can legally bet on. Last year the state went live with sports betting midway through the season, when the COVID-19 pandemic limited the number of leagues and games being played.

Tennessee players currently have nine sportsbooks available to them: Caesars Sportsbook, Action 24/7, FanDuel Sportsbook, TwinSpires Sportsbook, WynnBet Sportsbook, BetMGM Sportsbook, DraftKings Sportsbook, Barstool Sportsbook and Wagr.

Barstool is the latest sportsbook to go live, officially launching in September.

Wagr, a social sports betting app allowing users to bet against each other, was also approved by the Tennessee Lottery in September.

With football season and two new betting options available, Tennessee’s September figures should increase.

 

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