It certainly was a month of record-breaking in the sports betting industry! For the month of October, the state of Tennessee surpassed its state record for sports betting handle. The state generated over $375 million in revenue for that month. In addition to that, Tennessee also officially became the fifth-fastest state to reach the $2 billion lifetime handle mark. What a month it has been for the Tennessee sports betting industry.
This record $375 million is a whopping $120 million more than the state’s previous betting handle record, which was set back in September. October’s surge is a product of an unusually robust sports calendar and bettors’ increasing comfort with sports betting, according to PlayTenn, which tracks the Tennessee gaming market.
Alec Cunningham, an analyst for PlayTenn.com, talked about the reason for this Tennessee record. “With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts,” he said, “The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry.”
Cunningham continued, “Tennessee is one of the few states with at least one NFL, NBA, and NHL team and multiple Division I football and basketball programs, all of which will be playing full schedules in November. More records will almost certainly fall before the end of the year.”
Eric Ramsey, an analyst for PlayUSA Network, said that football has been a huge booster for the Tennessee sports betting industry. “The enthusiasm for football in Tennessee has been a sort of rocket fuel for the state’s industry,” he said, “Tennessee is proof that if demand is high and sportsbooks put out a good product, the market will succeed regardless of sometimes clumsy regulation.”
Even though the numbers for November and the coming months of the year might not be as spectacular as they were in October, sportsbooks and casinos should still see a lot of use and generate a lot of money.
That being said, analysts at PlayTenn said, “However, the current monthly record could soon be left behind, given Tennessee is one of the few states in the US with at least one NFL, NBA and NHL team, plus multiple Division I football and basketball programs, which will all be playing full schedules in November.”
According to PlayTenn, an average of $12.1 million was placed in wagers per day during the month according to PlayTenn, which is about $4 million more per day placed during the month of September. Tennessee’s total handle was up a whopping 45.9% from September, going from $257.3 million to $375.3 million generated in sports betting. October also generated a record $17.2 million in taxable revenue, and they ended up paying $3.4 million in tax revenue.
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With the month of October’s revenue, Tennessee’s lifetime handle has officially passed the $2 billion mark, with their handle at approximately $2.3 billion.
Tennessee’s success in the sports betting industry is particularly impressive, as their are the only state in the country that does not offer retail betting. Their entire sports betting industry operates completely online via eight approved sportsbooks. These sportsbooks are DraftKings, FanDuel, BetMGM, Caesars Sportsbook, WynnBet, Barstool Sportsbook, TwinSpires, and local organization Action 24/7.
These are some impressively massive numbers for the state of Tennessee to be racking up in only one singular month, especially considering that their sports betting industry is entirely online. Sports betting is certainly getting more and more popular as more states go through the arduous process of legalizing it and getting sportsbooks launched, up, and running.
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