Sportsbooks cash in on busy NFL calendar with nearly $400 million in wagers in January, according to PlayTenn analysts
(LAS VEGAS) — Tennessee sportsbooks followed up a record-breaking January with another $23 million in Super Bowl betting, much of which came in February. The flurry of action in January and early February was a strong start to what should be another year of growth for sports betting, according to PlayTenn, which tracks the Tennessee gaming market.
“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,” said Alec Cunningham, an analyst for PlayTenn.com. “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.”
Tennessee’s eight active sportsbooks accepted $386.1 million in wagers in January, up 83% from $211.3 million in January 2021, according to data released Wednesday night by the Tennessee Sports Wagering Advisory Council. January’s total topped the record $375.3 million that was collected in October.
Gross revenue was up 47% year over year, to $36.2 million from $20.9 million in January 2021. Promotions whittled adjusted revenue to $29.1 million, which yielded $5.8 million in tax revenue.
January’s numbers did not include most Super Bowl wagering, which the SWAC also released Wednesday. Tennessee sportsbooks collected $23.1 million in bets on the Super Bowl, up from $15 million in 2021. Operators won $3.4 million on those bets for a particularly high 14.9% hold on the big game.
“Super Bowl betting volume was somewhat underwhelming, but sportsbooks made up for it by winning a high percentage of those bets,” said 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.”
For operator data and more information on regulated sports betting in Tennessee, visit PlayTenn.com/revenue/.
Contacts: Zack Hall, Catena Media, 775-338-0745, [email protected]