The figure means the state has now posted its third consecutive month of record revenue. It comes despite wagering declining to $365.7m in bets in November, which fell short of the record $375.3m achieved in October 2021. Average volume did, however, increase slightly, from $12.1m per day over the 31 days of October to $12.2m per day over the 30 days of November.
The numbers were acquired by PlayTenn from the Tennessee Education Lottery and Sports Wagering Advisory Council, and also show the 178% year-on-year increase in bets from November 2020, the first month of sports betting in the state.
Gross revenue meanwhile also grew year-on-year, up 179% from $13.2m in November 2020 to $36.9m in November 2021.
“Even with one fewer football weekend than in October, wagering grew, a sign that the wave of action over the last three months is sustainable beyond football season,” said Eric Ramsey, an Analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Sportsbooks continue to expand their reach to new customers, and bettors are becoming increasingly comfortable with more diverse forms of betting. It is difficult to imagine a better season than the one that Tennessee sportsbooks have enjoyed.”
Since launching in Tennessee, sports betting has produced $242.4m in gross revenue, generating $41.4m in tax revenue for the state. Tennessee’s tax structure, which levies a 20% rate on net operator revenue, has been key to the success.
“Most states that have legalised and regulated sports betting have undoubtedly done so with additional tax revenue as the main carrot,” said Alec Cunningham, an Analyst for PlayTenn.com.
“Tennessee regulators made some missteps during their first year on the job, but ensuring that the state gets a fair share has not been one of them. They have set up a relatively balanced structure that has created a dependable revenue source without hamstringing operators.”
