The Tennessee Sports Wagering Council (SWC) released its November sports betting figures, revealing yet another record-breaking month for the state’s online sportsbooks.
Gross handle surged to more than $594 million, marking an 8.5% increase on the previous record set just a month earlier. The $547 million handle set in October had also been a record-setting figure, up 5.2% from the then-record of $521 million, which was achieved in September.
Prior to September, the previous record of $516 million was set in November 2023. As such, this recent record-breaking handle was expected if the monthly trends continued into 2024. Handle increased around 15.3% year-on-year compared to the previous November.
The three-month streak of record-breaking handles follows a slower July and August, which saw handles of around $274 million and $344 million, respectively. The more recent increase can be explained by the beginning of the 2024-25 NFL regular season in early September. The NFL is one of the busiest times of the year for U.S. sportsbooks.
State sports betting operators
Today, the Volunteer State is home to 12 online sportsbooks, including BetMGM, FanDuel, Caesars, Fanatics, DraftKings, Hard Rock Bet, ESPN BET, Action 247, Betly, Wagr, ZenSports, and Bally Bet, which was the most recent to launch in the state. Bally Bet Sportsbook announced its official launch in Tennessee in October. The SWC does not reveal a breakdown of the monthly handle by operator.
If nearby states are anything to go by, we can predict strong performances from DraftKings and FanDuel. Neighboring Kentucky recently reported a $274.9 million handle for October, more than 70% of which came from these two operators alone. The state is home to eight online sportsbooks in total.
The SWC recently issued $50,000 in fines to unregulated sports betting operator Bovada after it ignored multiple cease-and-desist letters. SWC executive director Mary Beth Thomas recommended TN users shut down their Bovada accounts and withdraw their funds for their own safety.
“Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennessee’s borders does not mean it is licensed to do business here,” she said.
The operator shut down its Tennessee sports betting operations at the beginning of November. Earlier this month, Arizona became the 17th jurisdiction to be placed on Bovada’s restricted list.
