Tennessee reported gross revenue of $515.5 million (£412.0 million/€477.8 million) for November, the state’s Sports Wagering Advisory Council announced on Monday (December 11).

It’s the first time the $500 million mark has been surpassed since sports betting was introduced in Tennessee in November 2020.

The 16.2% increase was a significant improvement from October’s 6.2% rise. It fell short of the 72.9% monthly growth seen in September, although that coincided with the start of the NFL and college football seasons.

Gross bets also exceeded $500 million for the first time, totaling $517.1 million for the month. This is a 17.7% increase from November last year and a 41.4% increase from November 2021.

The state collected $9.5 million in privilege tax, again the highest amount since sports betting was introduced there.

Continued Growth in Tennessee

The difficult start of sports betting in Tennessee caused revenue to fall to a record low of $10.1 million in August 2021.

However, the state has since recovered impressively, with gross bets in November 257.9% higher than August 2021.

Fanatics Sportsbook, ESPN Bet and Hard Rock all launched in Tennessee in the last two years. FanDuel, DraftKings and BetMGM all went live in the state when sports betting was legalized in 2020.

Caesars Sportsbook entered into a multi-year partnership with Tennessee-based NBA team Memphis Grizzlies in August 2022.