The Tennessee sports betting market is on fire. The latest numbers from the Tennessee Sports Wagering Advisory Council (SWAC) reveal that the state’s 12 online sportsbooks generated $36.3 million in revenue in January 2023.
That number is up 25% over January 2022’s numbers.
The boost in revenue is due to the state’s maturing sports betting market, as well as the addition of several mobile sportsbooks in 2022. Sports betting is legal online through mobile apps in Tennessee.
January 2023 Tennessee sports betting by the numbers
SWAC’s revenue report for last month’s activity showed that bettors gambled a total of $410.8 million. That was roughly $24 million more than the $386.1 million than was gambled in January 2022. Sportsbooks paid out around $19.5 million more to bettors last month than one year ago, an increase of 25%.
After payouts, here are the exact numbers the state’s sportsbooks took home last month compared to one year ago:
- January 2023: $36,347,994
- January 2022: $29,087,518
Month-on-month, revenue was down nearly $10 million. In general, sportsbooks and casinos post great numbers in December. Then, in January, handle and revenue lag. That’s what played out in Tennessee. Revenue dropped 22.6% from December to January.
However, in the overall context, January was a fantastic month for Tennessee sports betting. It marked just the fourth time in the state’s history that handle surpassed $400 million, and it was the third-best month on record for handle.
As for revenue, January marked just the fifth time revenue exceeded $30 million, and it ranked as the fourth-best month on record.
Tennessee market expected to grow in 2023
We’re likely to see the state’s 12 sportsbooks grow in several ways. First, total revenue should surpass $30 million at least six times this year, up from four times last year.
Second, either November or December should produce the state’s first $450 million handle. In 2022, the year’s final two months surpassed $439 million for the first time. And, if January’s handle numbers are a guide, we could see revenue not only pass $450 million for the first time but also come close to passing the $500 million mark.