Tennessee Sports Betting Sees Monthly Decline in January
More Money Wagered Than January 2022 or 2023
The Tennessee Sports Wagering Council has released its January 2024 numbers. There were $467 million worth of wagers placed, bringing in $8.6 million in taxes. That is a significant increase from the two previous Januarys. In 2023, there was $410.8 million wagered and $386 million in 2022. But the Tennessee sports betting handle did drop for the second consecutive month.
The state saw a record $517 million wagered in November 2023, which brought the state nearly $9.5 million in taxes. The betting handle was $495 million in December 2023. That brought the state $9.1 million in ‘Privilege Tax.’ Tennessee charges sportsbook operators 1.85% of gross wagers. So even the best online sports betting sites are responsible for paying the 1.85% tax even if they have losing months. There’s no way around that, but there aren’t many months a sportsbook ends in the red.
Tennessee sports betting began in November 2020. The state now has 12 different sportsbooks that allow people to bet online. That’s good news for sports bettors in the state. Competition among sportsbooks usually translates to better sportsbook bonuses. Sportsbooks will do what they can to attract customers and keep them betting at their location. Nearly all of the major sportsbooks in the country offer Tennessee sports betting.
Sports betting has been a real asset to the state. The Quarterly Survey of State and Local Tax Revenue, which is carried out by the United States Census Bureau, found that Tennessee ranked No. 7 among states in third-quarter tax revenue. The state made $16.1 million in the quarter. That accounts for 3.1% of the $506 million brought in by all states.
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