According to the latest figures released by the Tennessee Sports Wagering Advisory Council (SWAC), gamblers in the state placed $3.844 billion in sports wagers during 2022.
The figures were released following a record-breaking December during which fan wagered $440 million on sports. This was the highest monthly figure reported since sports betting in Tennessee launched in November 2o20.
December’s sports betting handle topped the all-time record of $439 million which was set in the previous month. The total for the month also represented a year-on-year increase of 29.4% from the $340 million in wagers reported in December of 2021. It was also more than double the $180 million handle reported in the industry’s second full month of operation in December of 2020.
State taxes are collected at a rate of around 20%. This resulted in tax revenue of around $70 million for the year 2022.
2022 was also the year that regulation of the sports betting industry moved from the Tennessee Education Lottery to the newly established Sports Wagering Advisory Council (SWAC). The SWAC took control of regulation in January 2022 and is responsible for operator license approval and the collection of sports betting data. SWAC is led by executive director Mary Beth Thomas, formerly an attorney with Nashville firm Waller Lansden Dortch & Davis, and the body’s nine-member advisory board.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.