Sportsbooks In Tennessee Bring in Half a Billion in Handle for November

In the latest sports betting news, sportsbooks in Tennessee bring in over $500 million in total monthly sports betting handle in November. This is the first time that sportsbooks have reached past the half a billion mark since sports betting went live in the state back in November 2020. If anything, it proves that maintaining an online sportsbook seems to be more profitable over time.

The gross monthly handle for sportsbooks in the state is $515.5 million for November. This is 16.2% higher than that of October’s $445.1 million handle. It is also 17.6% higher than that of November 2022’s handle. Overall, the growth rate of sports betting in both the short and long term is optimistically good for the state.

 

Sportsbooks in Tennessee See Better Numbers

Sportsbooks In Tennessee Bring in Half a Billion in Handle for NovemberOf course, there is no better time to launch a sportsbook than today, especially with the very busy sports calendar in the US. September kicks off football season, and the trend sets sportsbooks to seeing better numbers throughout the winter and early spring. This is great news for the local sports betting market, especially after a harrowing record low of $10.1 million revenue back in August 2021.

But that record low number is a thing of the past, considering that November’s handle is 257.9% higher than that of August 2021’s handle. Many in the industry are optimistic that the state’s sportsbooks can continue to see similar numbers in the months to come. And if you would also like to earn from sports betting like operators in Tennessee do, a pay per head service could be just the thing you need.

Meanwhile, the state collects $9.5 million in taxes from sports betting. Tennessee is a unique state in terms of sports betting because they only offer online sports betting. In addition, they are also the only state in the country that taxes the gross betting handle. Tennessee has a 1.85% tax on the gross handle. Previously, they would tax the adjusted gross income by 20%, which is similar to what other states are doing.

 

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