This week, the Tennessee Sports Wagering Council (SWC) released its November betting figures. It was yet another record-breaking month for online operators. The $594 million gross handle in November set a new record in the state. That was an 8.5% month-over-month increase. In October 2024, Tennessee’s $547 million handle was their previous high. Additionally, their $547 million in October was 5.2% higher than the $521 million they achieved in September.
Before September 2024, the state’s previous high for handling was $516 million in November 2023. Tennessee’s sports betting handle in November was up 15.3% year-over-year. This three-month run of record-breaking handles follows July and August when the state did not hit $400 million in monthly handles. The beginning of the 2024 NFL season in September explains why the state has seen a monthly increase in handle. Regular season NFL action is one of the busiest times of the year for US operators.
Who are the sports betting operators in Tennessee?
As of December 2024, Tennessee is home to 12 online sportsbooks. That includes BetMGM, FanDuel, Caesars, Fanatics, DraftKings, Hard Rock Bet, ESPN BET, Action 247, Betly, Wagr, ZenSports, and Bally Bet. The state’s most recent launch was Bally Bet Sportsbook in October. Tennessee’s Sports Wagering Council doesn’t reveal a breakdown of the monthly handle by operator.
To have an idea of where Tennesee’s figures are, we have to look at neighboring states like Kentucky. It’s predicted that DraftKings and FanDuel are two major operators in the state. That seems to be the case in most legal betting states in America. In October, Kentucky reported $274.9 million. More than 70% of that came from just two operators. Kentucky is home to eight online sportsbooks.
Recently, the SWC issued a $50,000 fine to illegal operator Bovada after they ignored multiple cease-and-desist letters. SWC executive director Mary Beth Thomas recommended state users shut down their Bovada accounts. The operator officially shut down their Tennessee operation in November. Bovada is now on the restricted list for 17 jurisdictions in the United States.
