Tennessee witnessed a decrease in sports betting activity in February, marking the third consecutive month of declining consumer spending in this sector. Despite the drop in overall wagers compared to January, the total gross amount wagered reached $417.4 million, showing an 8.7% increase from the previous year’s figures.
This decline in sports betting activity follows the record-breaking month of November 2024 when the state saw a peak in betting volume at $598.6 million. After adjustments totaling $3.9 million, the gross handle for February settled at $413.5 million, reflecting a 9.3% rise from the same period last year.
Government revenue from sports betting, primarily through privilege taxes, amounted to $7.6 million for the month. Notably, the Tennessee Sports Wagering Council does not disclose specific revenue figures or provide a breakdown of betting activity by operator or sport.
Currently, Tennessee hosts a total of 11 active sports betting platforms, including well-known brands like Caesars, Bally Bet, FanDuel, and DraftKings, among others. The market also features platforms such as Betly, ZenSports, and Tennessee Action 24/7, contributing to the diversity of offerings available to consumers in the state.
The consistent decline in sports betting expenditure highlights a shift in consumer behavior within the Tennessee market. Despite the challenges faced, the industry remains dynamic with a wide array of operators striving to engage users and adapt to evolving trends in the sports betting landscape. This trend underscores the importance of monitoring market fluctuations and consumer preferences to ensure the sustained growth and competitiveness of the sports betting sector in Tennessee and beyond.