- Tennessee saw $176.3 million in bets placed in February.
- The decline in revenue came after the conclusion of the NFL season.
NASHVILLE, Tenn.—Since Tennessee launched their sports betting industry back in November of 2020, they have not reported a decline in revenue until now. In February of 2021, they reported their first decline in revenue.
The Tennessee Education Lottery made the announcement of the decline on March 29 which showed the numbers of the total sports betting handle and total income.
There has been speculation as to why the Tennessee sports betting revenue saw a decrease from one of the most profitable months in which they had in January 2021. The main reason is behind the decreases in revenue is because of the conclusion of the NFL season and Super Bowl.
The Super Bowl alone brought in a total betting handle of $15 million which totaled $3 million in revenue.
As a whole, Tennessee totaled a legal sports betting revenue of $13 million which was down 40.4% from their January revenue of $21.8 million. Looking at the total for the number of bets placed, there were $176.3 million in bets placed which was down 16.6% from the $211.3 million placed in January.
There are chances for Tennessee to redeem themselves in March though as there have been plenty more sports betting opportunities for bettors to take advantage of which includes the NBA regular season as well as March Madness which is one of the biggest sports betting events of the year.
Tennessee also has some of the biggest names in sports betting leading the way such as DraftKings and FanDuel Sportsbooks to help gain some momentum in the month of March. William Hill also recently launched which is expected to help pull in some additional bets.
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Samuel has been writing professionally for 4 years. He comes from a sports writing background where he enjoys writing mostly about basketball and football both professional and collegiate. He is a recent graduate of Florida State University where he majored in Editing, Writing and Media with a minor in Communications. During his free time, you can find him watching or playing sports as well as playing videogames and listening to music.