Tennessee Sports Betting: Super Bowl rakes in nears 50% in state income

Tennessee Sports Betting: Super Bowl rakes in nears 50% in state income

Tennessee’s January gross income increased 47 percent year over year to $36.2 million, up from $20.9 million last year. According to PlayTenn, the surge in GR comes as Tennessee’s sportsbooks follow a record-breaking January with an additional $23 million in Super Bowl betting. 

Super Bowl windfall in TN

The Super Bowl will always generate big action, but five weekends of football in January, which featured an additional week of the NFL’s regular season and an expanded playoff, benefited bookmakers in particular.

With the NCAA men’s basketball tournament approaching, bookmakers should continue to experience strong betting volume levels until the season’s seasonal decline in the spring. Along with the GR and sportsbook records, promotions reduced Tennessee’s adjusted revenue to $29.1 million, generating $5.8 million in tax income. The January figures did not reflect the majority of Super Bowl wagering, which was also reported Wednesday by the SWAC. Tennessee bookmakers took in $23.1 million in Super Bowl wagers, up from $15 million in 2021. Operators won $3.4 million on those wagers, equating to a whopping 14.9 percent hold on the big game.

NFL season delivers for Tennessee sportsbook  

Although Super Bowl betting volume was somewhat disappointing, bookmakers compensated by winning a high percentage of those wagers. Tennessee sportsbooks and their bettig apps, on the other hand, advanced significantly during the NFL season, adding and upgrading options such as same-game parlays, in-game betting, and prop bets. These efforts were rewarded with a victory during the Super Bowl.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.