The Tennessee Education Lottery has released data confirming that the state’s sportsbook handled $340m in wagers throughout December 2021, the third-highest in its history.
Concluding the year’s total handle, Tennessee’s sportsbooks brought nearly $3bn in wagers and $240m in revenue, establishing the Volunteer State as the ninth largest state in terms of betting volume in the US.
“The playoff push from the Tennessee Titans and the momentum of the Memphis Grizzlies gave sportsbooks a nice boost to make up for a dwindling college football schedule,” said Alec Cunningham, an analyst for PlayTenn.com.
“Sportsbooks have pushed the envelope over the last four months, offering an avalanche of incentives and promos to help grow their customer bases. Those efforts have been a success, and should continue to help grow the market once football ends.”
In December, Tennessee’s eight sportsbooks accepted $341.8m in wagers, an increase of 88.9% from the $180.9m in December 2020.
Gross revenue increased by 77% year-on-year up to $24.6m from last year’s $13.9m, whilst promotions whittled adjusted revenue to $16.5m, which yielded $3.3m in tax revenue.
December marked the end to Tennessee’s first full year of sports betting, concluding with an impressive four-month run that brought $110.4m in gross revenue on $1.3bn in wagers.
Throughout 2021, Tennessee’s sportsbooks have generated $2.7bn in online wagers, $239.9m in gross revenue and $39.3m in tax revenue.
“Tennessee has overall performed well, especially considering it is still a very young market,” added Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Tennessee will continue to mature over the next year. It would not be a surprise to see it make up ground on more established markets like Colorado and Indiana, which have similar populations but drew significantly more in wagers in 2021.”