- Over $131 million was wagered on sports in November, the launch month for sports betting in Tennessee.
- The state collected more than $2.3 million in tax revenue.
- The NFL season contributed to the bulk of wagers in Tennessee.
NASHVILLE, Tenn. – In just the first month of having active regulated sports betting, Tennessee has already managed to see the major benefits.
The Volunteer state has had the largest sports betting launch month in US history, showing that local bettors have truly embraced sports betting.
The future is bright for sports betting in Tennessee as the early start shows signs of a strong sports betting market.
Tennessee’s Strong Start
It didn’t take Tennessee long to reap the benefits of adding sports betting revenue to its local coffers. Local bettors have contributed to an all-time launch.
According to the official report released by the Tennessee Education Lottery (TEL), the Volunteer state saw a total of $131,444,523 wagered on sporting events. The state itself took in $2,363,918 in taxes.
A total of 80% of the taxes collected from sports wagering is to be deposited in the Lottery for Education Account per the statute, with 15% going to the General Fund and the remaining 5% going to the Department of Mental Health and Substance Abuse Services.
Tennessee’s strong first month has allowed the state to see a major increase in total revenue, allowing budgeting and allocating funds to be more flexible.
“Our first month of sports wagering in Tennessee comes at a unique time in the world, let alone the sports world,” said Rebecca Paul Hargrove, TEL President, and CEO. “November’s figures include adjustments and indicate potential. It is only one month in an unpredictable and extraordinary year, making it difficult to begin extrapolating out from this single month. As this new industry in Tennessee evolves, we will continue to work with licensees and registrants in support of a responsible and competitive sports wagering program.”
The legal sports betting success in Tennessee could be attributed to the NFL season. The Tennessee Titans are a major attraction for local bettors.
With a strong start, more sportsbooks are expected to attempt to expedite their launch in the market.
Currently, FanDuel, BetMGM, and DraftKings operate in the Volunteer State. In the coming months, sportsbooks like William Hill, BetAmerica, WynnBET, and ZenSports will also be joining the growing market.
Tennessee has a bright future in sports betting to become one of the nation’s biggest markets. Legal sports betting has continued to be a proven asset to a state’s bottom line.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.