Tennessee sportsbooks have started 2022 in good form after setting a new handle record in January of more than $386m, according to PlayTenn, which tracks the state’s gaming market.
The record-breaking start to the year has continued so far into February with an additional $23m in Super Bowl betting, mostly occurring this current month.
Official data from the Tennessee Sports Wagering Advisory Council (SWAC) declared that the Volunteer State’s eight active sportsbooks accepted $386.1m in January wagers, up 83% year-over-year on January 2021’s $211.3m.
The new handle record beats the previous best of $375.3m achieved in October.
January’s gross revenue improved by 47% YoY to $36.2m (2021: $20.9m), while promotions whittled adjusted revenue to $29.1m, yielding $5.8m in tax revenue.
Alec Cunningham, an analyst for PlayTenn.com, commented: “The Super Bowl is always going to bring significant action, but five weekends of football in January that included an extra week of the NFL’s regular season and an expanded playoff was a particular boon for sportsbooks.
“With the NCAA Men’s Basketball Tournament just ahead, sportsbooks should continue to see high betting volume numbers before seasonally tapering off in the spring.”
January’s numbers didn’t include most Super Bowl wagering, as SWAC recently declared that Tennessee sportsbooks collected $23.1m in Super Bowl bets, up from 2021’s $15m. $3.4m was won by operators on those bets for a 14.9% hold.
“Super Bowl betting volume was somewhat underwhelming, but sportsbooks made up for it by winning a high percentage of those bets,” added Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Regardless, Tennessee sportsbooks made a significant leap forward during the NFL season, adding and improving features like same-game parlays, in-game betting, and prop bets. Those efforts paid dividends during the Super Bowl.”