- Sports betting handle spiked over $30 million from December to January in Tennessee.
- Over 60% of wagers taken in January were on the NFL postseason.
- Tennessee currently has only four operating mobile sportsbooks in the state.
NASHVILLE, Tenn. – Native Miley Cyrus’ song “The Climb” may as well be the anthem for the sports betting market in Tennessee as January numbers surge yet again for month-over-month.
During the Tennessee Education Lottery’s (TEL) monthly meeting on Tuesday, it was announced that $211 million was gambled on sporting events in January.
Since the industry’s official launch in November, the handful of sportsbook platforms operating in the state have collected over $500 million in wagers in the last three months.
The $211 million in handle was split between four sportsbooks. Tennessee is a mobile sportsbook only market and currently has just four licensed operators for gamblers to wager with.
Through this most recent report, the Volunteer State now holds a national record as being the first state to reach over $200 million in handle in the shortest time frame from the launch of their market; three months.
The 20% on all GGR that at the beginning was said to be too high a number to make for a profitable industry is now no longer an issue. In fact, that percentage has done nothing by way of holding back a flourishing industry for sports gaming in Tennessee.
January was able to collect $21 million in sports betting revenue for the state. A $4.4 million chunk of change was also brought in through the tax that the $211 handle was able to bring with it.
December had $180.9 million in bets taken, showing an over $30 million spike in activity. This can be attributed to the NFL betting that took place for the games leading up to the Super Bowl as well as future wagers on the Championship game that occurred in early February.
It is assumed that 60% of bets for January in Tennessee were on the NFL postseason games.
Up Ahead For Tennessee
While football had plenty of wagers taken through DraftKings, FanDuel, BetMGM, and Action 24/7 sports betting platforms in the Volunteer State in January, revenue and handle is still expected to rise despite the season-ending.
NBA basketball is in full swing and more sports betting platforms have applied to join the legal sports betting market in the state.
With these two sports wagering operators along with what’s sure to be even more to come, handle and revenue for the sports gambling industry of the Volunteer State is looking at a very favorable and profitable future.
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Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.