Tennessee recorded a massive $131 million in wagers in its first month, smashing the previous record of $32 million held by Indiana
A report published by the Tennessee Education Lottery (TEL) showed that Tennesseans bet over $27 million within the first eight days of sports betting being launched, with $5million coming in the first day alone.
One of the main reasons for such a high number of bets wagered during this time is due to launching in the middle of the NFL season. Moreover, the Tennessee Titans NFL match versus the Cincinnati Bengals was scheduled for the 1st of November, a major reason why $5million was recorded on the first day. The Titans, at the time, were on a good run of form and Tennesseans were confident in backing their team, resulting in a massive spike in betting.
Rebecca Paul Hargrove (right), president and CEO for TEL said
Our first month of sports wagering in Tennessee comes at a unique time in the world, let alone the sports world. 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.
Hargrove further added that:
In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee. These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.
The one-month total revenue was forecasted to amount to over $101 million but bettors exceeded that amount as $131million was wagered, resulting in $13 million in revenue for sportsbook.
The state will also receive $2.4million due to the 20% gross revenue tax imposed on its operators which will be divided as follows:
Lottery for Education Account- 80%
Tennessee General Fund – 15%
Department of Mental Health and Substance Abuse Services (problem gambling) – 5%
The new record certainly got the sports betting market off on the right foot, showing tremendous potential with bettors also showing massive enthusiasm towards the market. The numbers don’t lie and it’ll be exciting to see the impact sports betting will have on the state of Tennessee.
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