Players spent $378.2m (£294.9m/€346.1m) betting on sports online in February, the third consecutive month of decline in the Volunteer State.
Total handle for February was 15.6% higher than the same month last year. However, it was also 18.8% behind the $465.8m bet in Tennessee in February this year.
The monthly handle figure accounted for $2.2m in adjustments. Without these, gross handle for February in Tennessee reached $380.4m.
Year-on-year, gross handle increased 16.2%. However, on a month-on-month basis, gross handle for online betting for Tennessee was down 18.6%.
Privilege tax for the month amounted to $7.0m. This total was 9.4% ahead of February 2023 but 18.6% behind January’s $8.6m.
The Tennessee Sports Wagering Council (SWC) did not disclose data in terms of revenue. The SWC oversees the licensing and regulation of online sports wagering in Tennessee.
Heavy hitters compete in Tennessee
There was also no breakdown of each licensed operator in the state. Tennessee opened its legal market in November 2020, with several major names going live on launch day including FanDuel, DraftKings and BetMGM.
Over the past three years, the market has grown considerably, with other operators being added to the mix. The most recent addition is Fanatics Sportsbook, which went live in August 2023.
Other operators include ESPN Bet, which went live in Tennessee as part of its launch across 17 states. Meanwhile, Hard Rock launched in Tennessee in September 2022, adding to its three Hard Rock Cafés across the state.
In addition, Caesars Sportsbook also runs sports betting in Tennessee through a multi-year partnership with Tennessee-based NBA team Memphis Grizzlies. This has been in place since August 2022.
