Tennessee Sports Betting Revenue, Handle and Taxes
Tennessee Gambling Trends
Tennessee Sports Betting Data
| Month | Handle | Handle Per Capita | Revenue | Hold | Taxes |
| December 2023 | $495,067,783 | $122 | $49,506,778 | 10% | $9,104,148 |
| November 2023 | $517,141,377 | $128 | $51,714,138 | 10% | $9,513,707 |
| October 2023 | $445,192,913 | $110 | $44,519,291 | 10% | $8,190,461 |
| September 2023 | $418,063,447 | $103 | $41,806,345 | 10% | $7,715,705 |
| August 2023 | $243,456,822 | $60 | $24,345,682 | 10% | $4,462,942 |
| July 2023 | $214,114,055 | $53 | $21,411,406 | 10% | $3,951,411 |
| June 2023 | $230,337,515 | $57 | $25,526,655 | 11.1% | $4,635,761 |
| May 2023 | $279,794,996 | $69 | $37,097,192 | 13.3% | $7,145,077 |
| April 2023 | $318,416,216 | $79 | $34,257,592 | 10.8% | $6,435,653 |
| March 2023 | $392,667,304 | $97 | $45,506,700 | 11.6% | $8,752,898 |
Tennessee Sports Betting Revenue
Tennessee online sportsbooks have been up and running since November 1, 2020. Tennesseeans now have the chance to bet on all their favorite local teams, including the Tennessee Titans, Memphis Grizzlies, Nashville Predators and Nashville SC, as well as several Division I schools like Tennessee, Vanderbilt, Memphis, Austin Peay, and Lispcomb.
Tennessee is one of the more unique sports betting situations as there are no retail betting sites available in the Volunteer State. Tennessee residents do have more than a dozen online sportsbooks to choose from, including industry giants FanDuel, DraftKings, Caesars and BetMGM.
Tennessee sports betting handle from November 2020 on is now over $8.8 billion. Tennessee sports betting revenue from that same starting point has now surpassed $864 million. And Tennessee sports betting taxes have generated more than $153 million for the state to date.
Meanwhile, Tennessee sports betting handle surpassed $3.85 billion in 2022 and Tennessee sports betting handle for 2023 through June is just shy of $2 billion. Tennessee sports betting revenue surpassed $378 million in 2022 and is more than $217 million through the first six months of 2023.
Below, we discuss Tennessee sports betting taxes and Tennessee sports betting revenue by state, as well as detail Tennessee sports betting revenue and Tennessee sports betting hold to show you how the state has fared financially since legalized sports betting launched.
Tennessee Sports Betting Taxes
Sports betting taxes are of great importance to bettors, who obviously want to keep as much of their winnings as possible. The TN sports betting tax rate recently changed dramatically, from 20% to a nation-low 1.85% on operator sports betting revenues.
Tennessee sports betting taxes have generated more than $153.4 million to date. Now that the Tennessee sports betting tax rate is the lowest in the nation, Tennessee bettors will most likely generate more significant revenue for Tennessee sports betting taxes. This also means that Tennessee sports betting revenue has consistently been healthy since the trade was legalized.
Tennessee Sports Betting Handle
Sports betting handle refers to the total amount of money that has been wagered by a specific population. Nationally, people are betting regularly on sports. The sports betting handle for the entire country in 2022 was over $93.7 billion, which was more than $36 billion more than 2021. The national 2023 sports betting handle through May was already at $40 billion. Sports betting continues to grow and grow and Tennessee sports betting revenue by state is impressive.
The most recent Tennessee sports betting handle came in at just over $230.3 million for June 2023. That was $49 million lower than May 2023, but roughly $15 million more than June 2022. The June 2023 total was the lowest in the Volunteer State since August 2022, when Tennessee sports betting handle totalled $205.8 million.
The summer months are typically the lowest across the country, with no live football or basketball to wager on, and that was true in Tennessee as well in 2022. The state averaged more than $320 million a month in Tennessee sports betting handle in 2022, but only averaged a little over $201 million in the months of June, July and August. It also doesn’t help that Tennessee now has local pro teams for the other three major sports of football, basketball and hockey, but no local MLB team to root for.
Tennessee Sports Betting Handle Per Capita
Tennessee is currently the 15th largest state in terms of population with just over 7.13 million residents. The Tennessee sports betting handle per capita in 2022 was $552, placing it 12th overall for states with legalized sports betting. Per capita in this sense is the annual sports betting handle of a state divided by that state’s population.
Tennessee Sports Betting Hold
Sports betting hold is defined as the percentage of money that a sportsbook keeps for every dollar wagered by users. For example, if a sportsbook has a monthly handle of $10 million and a revenue of $2 million, that means they paid out $8 million in winnings. That also means that the hold would be 20%.
Through six months of 2023, the Tennessee sports betting hold percentage is 11.21%, which is 1.41% higher than the Tennessee sports betting hold percentage from 2022, which was 9.8%. The Tennessee sports betting hold for 2023 is significantly higher than the national average, which is 9.05% year to date. The Tennessee sports betting hold percentage was considerably higher than the national average in 2022 as well, as that 9.8% surpassed that national average by 1.70%.
FAQs
Yes, Tennessee sports betting taxes are imposed on all Tennessee residents who participate in and win in sports betting. They have to pay the revised Tennessee sports betting tax rate of 1.85% on all winnings.
The Tennessee sports betting handle for the first six months of 2023 totals $1,959,315,918 for an average of $326,552,653 per month.
The Tennessee sports betting hold through the first six months of 2023 is 11.21%. The Tennessee sports betting hold for all of 2022 was 9.8%. Both of these percentages are significantly higher than the national average for the same time periods.
Tennessee sports betting revenue has surpassed $864,131,455 to date.
Thanks to Tennessee sports betting taxes that were 20%, which is slightly above the national average, the state has generated $153,416,018 in sports betting taxes to date. However, the state recently revised its tax rate, bringing it down to a nation-low of 10%.