Tennessee's sports betting market exceeds $500million in first three months since launching
Tennessee's online sportsbooks have raked in $211m in the betting handles for the month of January, setting more records in the US.
The Volunteer State becomes the 7th fastest state in registering more than $200million sports bets in one month.
The state had opened up its online sports betting market back in November 2020 and within the first three months, sports betting handles have topped $523m.
- November 2020: $131,444,523million
- December 2020: $180,900,000million
- January 2021: $211million
According to data taken from the Tennessee Education Lottery, the sports betting handle for January saw an increase of 16.6% when compared to the previous month of December.
January also saw more records for Tennessee as operators registered $21.8m in revenue, increasing by 56.8% when compared to December ($13.9m).
The total revenue collected since its launch in November = $49m.
February is set to be another good month due to the Superbowl as data from the Tennessee Education Lottery shows that sports books took in $15m in handles just from that major event.
However, Tennessee is set to face some stiff competition in the coming months as the neighbouring state of Virginia also legalised online sports betting in January.
Dustin Gouker, analyst for PlayTenn.com stated:
“The near-perfect conditions Tennessee enjoyed in its first two months were never going to last forever, but continued growth even as competition rises remains encouraging
It is early, but it appears that the market has plenty of room for growth, even if more nearby states regulate sports betting themselves.”
When it comes to sports book performances, the TEL do not lay out results from individual sports books. However, it does appear that BetMGM has performed fairly well taking in $70million in handles. Other popular sports books in Tennessee are DraftKings, FanDuel and Action 24/7.
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