Tennessee sportsbooks reported over $340m in handle for December, making the last month of 2021 the third-highest in state history.

The year brought in nearly $3bn in wagers and $240m in revenue, placing Tennessee as the ninth-largest state in terms of sports betting volume in the US market.

The state’s eight active sportsbooks accepted $341.8m in wagers for December, up 89% year-on-year.

According to data released by the Tennessee Education Lottery’s Sports Wagering Advisory Council, December 2021 was part of a “torrid four-month stretch for sportsbooks” that included a record $375.3m for October and $365.7m for November.

Gross revenue for December was up 77% year-on-year; promotions adjusted revenue to $16.5m, which generated $3.3m in tax revenue.

The last month of 2021 marked an end to the state’s first full year of sports betting, which concluded with a four-month run that brought $110.4m in gross revenue from $1.3bn in wagers.

Through all of 2021, sportsbooks in Tennessee produced $2.7bn in online wagers, $239.9m in gross revenue and $39.3m in tax revenue.

Although official data has not been released yet, analysts say the state’s cumulative hold percentage (the revenue sportsbooks keep as a function of handle) will presumably fall below 10%, which means some operators are to face a small fine for 2021 operations.

However, the Tennessee Sports Wagering Advisory Council continues to review the rule, which is the only one of its kind in the US.

According to the Council, operators who do not meet the capped payout rule for the year, or the part of the year they were in operation, could be handed up to a $25,000 fine.