The latest data from Tennessee’s Sports Wagering Advisory Council (SWAC) reveals that the state’s sports betting handle in February amounted to $327.3 million. This figure reflects a 20.5 percent decrease compared to January’s robust handle of $410.7 million. While February’s performance marked a decline from the previous month, it still demonstrated resilience by showing a 4.3 percent year-over-year increase. Let’s explore the key insights from this report and the factors contributing to these fluctuations in Tennessee’s sports betting market.
Lowest Monthly Handle Since September 2022:
February’s sports betting handle in Tennessee was the lowest recorded since September 2022, when it stood at $336.9 million. The month-to-month decrease may be attributed to various factors, including seasonality and fluctuations in the popularity of specific sports events.
Payouts and Gross Revenue:
Sportsbooks in Tennessee paid out a total of $293.3 million in winnings in February. After necessary adjustments, the reported gross revenue reached $31.8 million. This resulted in a hold percentage of 10.4 percent, indicating the sportsbooks’ profitability during the month. Furthermore, the state collected $6.3 million in taxes from the sports betting operators.
ZenSports Applies for Tennessee Sports Betting License:
In related news, KeyStar has submitted a sports wagering license application for ZenSports in Tennessee. ZenSports is a versatile platform that encompasses both a traditional sportsbook and a peer-to-peer sports betting marketplace. KeyStar’s CEO, Mark Thomas, expressed excitement about launching ZenSports in Tennessee, emphasizing the state’s significant technological advancements and its rapid growth in the sports wagering sector.
Tennessee’s sports betting industry continues to display dynamism and adaptability, as demonstrated by February’s handle figures. While it marked a decline from January, the year-over-year growth and the state’s ability to maintain resilience in the face of seasonal variations are promising signs for the future. The introduction of platforms like ZenSports further enriches the state’s sports betting landscape, enhancing competition and innovation in this thriving market. As Tennessee’s sports betting sector evolves, it remains a focal point of interest and investment within the US gaming industry.