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After a strong finish to 2023, Tennessee sports betting saw a $30 million month-on-month handle (total amount bet) decline, according to data from the Tennessee Sports Wagering Council (SWC). However, the handle was up nearly $65 million compared to January 2023.
Tennessee sports betting action remains strong despite monthly drop-off
It is relatively normal to see a decline in a state’s sports betting handle from December to January. For example, Tennessee’s gambling total dropped 6.74% from December 2022 to January 2023.
A main factor in this decline is that the NFL regular season ends in January, meaning there are fewer games to wager on.
| Month | Handle | % change in handle |
|---|---|---|
| January 2024 | $467,403,058 | -5.59% |
| December 2023 | $495,067,783 | -4.27% |
| November 2023 | $517,141,377 | 16.16% |
| October 2023 | $445,192,913 | 6.00% |
| September 2023 | $420,006,053 | 72.52% |
| August 2023 | $243,456,822 | 12.98% |
| July 2023 | $215,489,157 | -6.45% |
| June 2023 | $230,337,515 | -17.68% |
| May 2023 | $279,794,996 | -12.13% |
| April 2023 | $318,416,216 | -18.91% |
| March 2023 | $392,667,304 | 19.96% |
| February 2023 | $327,326,201 | -20.31% |
| January 2023 | $410,773,606 | -6.74% |
| December 2022 | $440,445,414 | N/A |
While month-on-month data can be helpful to discover smaller trends, year-on-year numbers are a better judge of overall performance. Tennessee sports betting handle was up 13.8% year on year.
Additionally, the Tennessee SWC’s January 2024 report shows the monthly drop in handle between December 2023 and January 2024 was around one percentage point lower than it was the previous year.
A year-on-year comparative analysis indicates that the Tennessee sports betting market has continued to grow and mature since launching in late 2020.
What’s ahead for Tennessee sports betting?
Using 2023 trends as a basis for what could happen over the next couple of months in Tennessee, we should expect to see a revenue dip in February followed by a considerable jump in March.
The NFL season ended in February with the Super Bowl, which meant a sharp decline in pro football betting. In February 2023, the handle dropped 20% month-on-month.
March, however, is home to the king of sports betting action: March Madness. Last year, Tennessee’s March handle total was 20% higher than it was in February.
Using February and March 2023 as a template, it’s possible we could see Tennessee’s handle numbers drop to around $370 million, then rebound to around $450 million in March.
If those numbers hold up, they’d represent strong year-on-year growth and serve as a good moment for the latter half of the year.
In November 2023, Tennessee’s online sportsbook handle broke a record for the most bets in a month: $517.1 million. If Tennessee’s sports betting growth can continue its maturation, we could see November break another state record with anywhere from $590 million to $610 million in handle.
