Tennessee’s sports betting market has been on an impressive run, recording over $500 million in monthly handle for five consecutive months from September 2024 through January 2025. This surge marks a new milestone for the state, aligning with national trends in the growing sports betting industry.
During this period, Tennessee recorded the following monthly handles:
- September 2024: $520,834,560
- October 2024: $547,764,023
- November 2024: $594,387,437
- December 2024: $569,849,216
- January 2025: $543,646,737
Before this streak, Tennessee had only crossed the half-billion mark once, in November 2023. This sustained growth highlights the state’s increasing betting activity and reflects a national trend in sports betting handles.
Record-Breaking Tax Numbers
Beyond total handle, Tennessee’s sports betting tax revenue also hit record highs. The state saw Privilege Taxes surpass $10 million in four of the last five months, driven by the increased wagering volume. The only exception was September, which fell just short of the milestone.
Tennessee transitioned to a 1.85% tax on total handle in July 2023, replacing the previous 20% tax on adjusted gross revenue.
| Month | Privilege Tax Revenue |
|---|---|
| September 2024 | $9,612,392 |
| October 2024 | $10,109,043 |
| November 2024 | $10,969,178 |
| December 2024 | $10,516,365 |
| January 2025 | $10,032,973 |
Factors Driving Tennessee’s Gaming Boom
Tennessee’s betting growth comes despite no significant market changes beyond Bovada’s exit. The state still lacks casinos and retail sportsbooks, making mobile sports betting the sole legal option. However, Tennessee now has 11 active sportsbooks, contributing to rising handle figures.
Additionally, the boom aligns with national trends. In November 2024, legal sports betting across the U.S. saw its highest-ever numbers, growing 21.3% compared to November 2023. The NFL season played a major role, as it remains the most wagered-on league in the country.
According to the American Gaming Association (AGA):
Industry win from traditional casino games, sports betting, and iGaming reached $6.65 billion with strong growth across verticals and new all-time monthly revenue records set for iGaming and sports betting.
With a solid tax structure and rising engagement, the momentum may continue in 2025.
Key Takeaways
- Tennessee surpassed the $500 million handle threshold for five straight months.
- November 2024 set an all-time record with nearly $600 million in wagers.
- Four out of five months exceeded $10 million in tax revenue.
- Tennessee has 11 sportsbooks, but no retail locations or casinos.
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