Tennessee sports betting records $5.1m in wagers on opening day

By Violeta Prockyte

DraftKings, FanDuel and BetMGM, together with the state’s local Tennessee Action 24/7, reported $5.1m in bets on the opening day of Tennessee’s sports betting launch on 1 November.

For the first week, the Tennessee Education Lottery recorded $27m in total handle. Each sportsbook earned around $800,000 in revenue on the first day and $2.5m for November 1-8.

Sports betting was written into law in the state in 2019, with sportsbooks required to hold 10% of the wagers they receive; the industry average ranges between 5-7%.

So far, sportsbooks have held their own against offshore sites and unregulated bookies.

According to Action Network, the three big brands reportedly spent heavily on promotions, offering generous sign-up bonuses for players.

The launch of sports betting coincided with numerous sporting events taking place in the state.

NFL wagers comprised 60% of total football bets, while college football made up 40%.

The Tennessee Education Lottery stated there will be a total of seven sportsbooks in the state by the end of 2020.

BetAmerica, William Hill and WynnBet are predicted to enter the market in the coming months.

A number of states have recently published financial figures, including Massachusetts for its casino industry and Illiinois, also for sports wagering.


Share This Post


More News

After a second period of COVID-19 forced closures, French casinos are set to reopen their doors from 15 December, according to trade union Casinos de France. France has been in its second...

Gambling Insider speaks with Ocean Casino Resort CEO Terry Glebocki and AGS CEO David Lopez about