Tennessee bettors wagered nearly 50% more in sports in 2022 – the state’s second full year of legalized sports betting and third overall – when compared to 2021. The yearly handle hike comes after the state broke a new record in November by posting $439.5 million in mobile-only bets, blowing past October’s short-lived high of $405.3 million.
Tennesseans have wagered over $6 billion since mobile sports betting went live in 2020, according to an analysis by Sportsbook Review. In 2022, handle totaled $2.9 billion, as compared with 2021’s final numbers, which escalated to $2 billion.
The state collects 20% of the industry’s net operator revenues in taxes, 80% of which goes to support education. Of the remaining funds, 15% is distributed to local governments and the remaining 5% goes to mental health programs. The state’s rules require operators to renew their licenses every year and to pay a $750,000 annual fee.
The Tennessee General Assembly approved mobile-only sports wagers in 2019, a year after the U.S. Supreme Court struck down the 1992 federal law that largely prohibited most states from authorizing sports betting. Then-Knoxville representative Rick Staples filed the bill in late 2018 to legalize sports betting.
The future looks bright for Tennessee’s sports betting industry. Handle for every month of 2022 has been higher than in 2021. And in November, the Volunteer State also set new all-time state highs for gross revenue at $47.2 million, and adjusted revenue at $45.2 million. It marked the second time in three months gross revenue topped $45 million.
Operators posted their third-highest hold of all time at a combined 10.8% hold for the month, while state taxes surpassed $9 million. November’s figures brought Tennessee’s overall taxes to $106 million, making it the sixth state to reach the $100 million milestone.
Original article: https://www.yogonet.com/international/news/2023/01/11/65664-tennessee-posts-mobile-sports-betting-handle-hike-in-2022-new-alltime-high-in-november
