The Tennessee Sports Wagering Advisory Council reported today that the state's online sportsbooks (there is no retail betting in Tennessee at the moment) generated more than $336.9 million in wagers during September — a massive 63.8% increase from Tennessee's handle in August.
The September 2022 figure was also up nearly 31% from September 2021, when bookmakers took $257.3 million in bets, although the 63.8% MoM increase for 2022 isn't as big as 2021's 78% jump from before and after football was underway.
The state’s sportsbooks took in $46.3 million in gross revenue in September, which equates to a hold of 13.7%. The hold is slightly better than August (13.2%), while the gross revenue increased by $19.1 million.
Strong adjusted income
After paying out more than $290.6 million to winning bettors, plus accounting for $2.7 million in adjustments (which is actually a lower figure than August), revenue for the state's books was nearly $43.6 million — a nearly 79% increase from the previous month.
The privilege tax assessed, based on the state's 20% requirement on sports-betting revenue, amounted to sportsbooks paying the state $8.7 million last month.
The Tennessee SWAC currently has 13 operators listed as licensed to offer sports betting in the state, although one of those is fubo Gaming inc. — which just announced yesterday that it was shutting down its Fubo Sportsbook as part of its third-quarter revenue.