The Tennessee Sports Wagering Council reported $378.2 million in sports betting handle for February 2024. The total was 15.6% higher than a year earlier and 18.8% below January; tax receipts were just under $7 million.
The figures show the state’s handle-based tax receipts and betting volumes for February.
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Underdog has filed suit against Tennessee sports betting regulators to stop them applying state gambling law to its prediction market business. This follows an 9 October cease-and-desist order from the Tennessee Sports Wagering Council, which threatened civil penalties, criminal investigations and revocation of Underdog's fantasy sports licence. Underdog argues the Commodity Futures Trading Commission has exclusive jurisdiction, and Tennessee is the seventh state it has sued, after a Sixth Circuit ruling against Kalshi in September.
Kalshi asked the full Sixth Circuit to reconsider its 25 September ruling allowing Ohio and Tennessee to pursue enforcement under state gambling laws. The company argues that federal commodities law gives the CFTC authority over contracts traded on designated exchanges; the court has not accepted that argument.
The US Court of Appeals for the Sixth Circuit ruled that Kalshi’s sports-related event contracts did not meet the statutory definition of swaps under the Commodity Exchange Act. The court also found that the Act did not pre-empt Ohio or Tennessee gambling laws, allowing those states’ regulators to pursue enforcement against Kalshi and other prediction-market operators.
iGaming Ontario reported C$8.735bn in total wagers in February, 8% below January, and non-adjusted gross gaming revenue of C$342.4m, down 15%. Sports wagers fell 20% to C$946m and sports revenue declined 29% to C$61.3m; the figures cover the regulated commercial market and exclude the Ontario Lottery and Gaming Corporation platform.
Colorado recorded $496.63 million in sports wagers in February, down from $536.99 million a year earlier, according to the reported state figures. Gross gaming revenue rose 80% year on year, while tax collections for the month reached $3.43 million, up 163.54%.