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OnlineSports Betting

Tennessee sportsbooks generate $131.4m in first month

Tennessee sportsbooks generated $131.4m in handle in November, according to official figures released by The Tennessee Education Lottery.

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The total is the best debut handle from a single state in the history of US legal sports betting, with Tennessee generating more wagers in the market’s first month than any other state, according to analysts from PlayTenn.com.

Indiana held the previous record when it generated $35.2m in September 2019.

Betting revenue in Tennessee for November meanwhile totalled $13.2m, with proceeds generating $2.4m in taxes for the state.

FanDuel, DraftKings, BetMGM and Action 24/7 all debuted in the first month, while WynnBet, William Hill and BetAmerica are all expected to launch in the early stages of 2021.

New Jersey, the nation’s largest sports betting market, did not reach $130m until its fourth month.

November’s handle is expected to place Tennessee seventh in the US, behind New Jersey, Nevada, Pennsylvania, Illinois, Indiana and Colorado.

Operators received a welcome boost from the recent success of the Tennessee Titans, the National Football League team who are enjoying one of their best seasons.

“Local sports matter in legal sports jurisdictions in the US, and a strong NFL team matters more than most, so the Titans success is bound to translate into bets,” said Dustin Gouker, analyst for PlayTenn.com.

“With its growing list of operators, this is just the start for the market. The next question is when and if Tennessee will challenge Colorado and Indiana in terms of overall market size. It appears sooner than anyone expected.”

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