Tennessee Sees December Decline in Sports Betting
The December sports betting numbers from Tennessee are finally in, and it was another impressive month for sportsbooks in the state. The total sports betting handle was $341.8 million, which amounted to the third-highest total of all-time.
Even though this was an impressive month for the state, it still fell short of the $365.7 million that came during November. The record for the state of Tennessee is over $375 million, which came during the month of October.
The gross payouts for sportsbooks during the month of December was $317.2 million, which made the adjusted gross income $16.5 million. The adjusted gross income for November was $29.6 million, so a sharp decrease was difficult for sports bettors to take.
Tennessee initially legalized sports betting as a way to bring in more tax revenue, and the state did receive over $3 million last month. December also marked the end of an era for sports betting as the Tennessee Education Lottery is no longer in charge of the market.
Solid Year For Volunteer State
Online sports betting in Tennessee officially launched on November 1, and this state remains an online-only market. Sports betting has been extremely popular for Tennessee since the beginning, and it has remained that way since it began.
Now that the December total has been reported, the entire year of sports betting can be tallied up as well. The total online sports betting handle for 2021 nearly hit $3 billion, and the total revenue was right around $240 million.
For the year, the online sports betting industry in Tennessee accounted for $39.3 million in tax revenue, and a majority of that money is going directly into education. Tennessee has consistently been one of the ten most prominent sports betting markets in the United States, but more competition is on the way.
Mississippi and Arkansas are two states that border Tennessee and each state could be offering online sports betting by the end of 2022. That competition will hurt the overall numbers for Tennessee, but this state can still grow as well.
Wagr Now Live in Tennessee
The Wagr Sportsbook app is now live in the state of Tennessee, which will add another new betting option. Not only is Wagr the newest online sportsbook in the state, but it is also going to bring an entirely new form of wagering.
Wagr is known for peer-to-peer wagering, and bets will not be placed against the sportsbook. There was some hesitation with allowing this type of sportsbook to launch in the state, but it was ultimately given the green light.
Other similar sportsbooks are looking to offer peer-to-peer betting, but Wagr was the first to receive a license. Wagr has plans to launch in other states as well, but it’s unclear if or when that will take place.