Tennessee bettors and sports wagering operators closed out 2022 with a flourish, again setting all-time monthly records for both handle and revenue in December, according to figures released by the state’s Sports Wagering Advisory Council late Thursday.
The all-mobile wagering handle of more than $440.4 million was about $1 million better than November’s short-lived standard of $439.5 million. It was also the third consecutive month Tennessee posted a record handle, having cleared $400 million for the first time in October with $405.3 million in accepted wagers.
December marked the second straight month that a new revenue high was recorded, with the state’s 11 mobile sportsbooks reporting close to $49.2 million in gross revenue. That was a 4.1% increase from November’s $47.2 million, with December’s 11.2% win rate nearly half a percentage point better than the previous month.
The state was eligible to levy its 20% tax rate on $47 million of that amount, also the most in 26 months of wagering. The $9.4 million in receipts for the final month of the year is the largest tax amount collected by a state outside the “Big 4” of New York, New Jersey, Illinois, and Pennsylvania.
Year-over-year numbers show plenty of growth
December #SportsBetting 🧵for #Tennessee via SWAC. 2022 vs 2021
Handle: $3,850,547,905 (⬆️41%)
GGR: $379,409,890 (⬆️58.5%)
GGR WR: 9.85% (⬆️1.08 pts)
AGR: $340,072,488 (⬆️72.1%)
AGR WR: 8.83% (⬆️1.59)
Taxes: $68,052,961 (⬆️$28,512,961)4/x #GamblingTwitter
— Chris Altruda (@AlTruda73) January 12, 2023
Compared to 2021, handle surged 41% — or $1.1 billion — to $3.9 billion in 2022. The hold, which came in at 9.9% on gross revenue for the full year, contributed to a 58.5% rise in gross revenue to $379.4 million. Adjusted revenue climbed 72.1% to $340.1 million.
There was a 5.9% year-over-year decline in the total amount of deductions reported by operators in 2022 to $39.3 million. That contributed to the state taxing just shy of 90% of the gross revenue reported by operators during the calendar year. In 2021, that total was 82.5% of the $239.4 million in winnings by the house.
State coffers had an inflow of more than $68 million in tax revenue for 2022, $28.5 million more than 2021. Tennessee became one of just seven states to surpass $100 million in tax revenue in the post-PASPA era in November, and there is a strong chance the $113 million raised since launch in November 2020 will be more than Nevada when the Silver State announces its figures in late January.
The Sports Wagering Advisory Council does not release handle and revenue figures by operator or sport.
