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Tennessee Lifetime Sports Betting Handle Crosses $2 Billion
By Jeff Osienya Nov 18, 2021 IndustryAction-heavy sports calendar comprising five full weekends of NFL and collegiate-level football slingshot Tennessee to a record monthly handle and a $2 billion-plus lifetime handle.The sports betting market in Tennessee is getting stronger and stronger with each passing month. Data released on Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council indicates that sports bettors obliterated previous monthly wagering records after spending a total of $375.3 million on sports bets in October. October’s figure is 45.9% or $120 million more than the last month’s record high handle, which was $255.3 million.
Further, the average daily expenditure of sports bettors in the Volunteer State was $12.1 million over the 31 days of October. This is about 29% more than the $8.6 million that sports bettors spent every day on wagers over September’s 30 days.
Meanwhile, the gross revenue dropped by 9% in October to $23.3 million, compared to the $25.6 million that the state saw in September. However, even with the revenue dip, October still stands as the second-most lucrative month for sports betting platforms in Tennessee. Overall, last month’s win generated a total of $17.2 million worth of taxable revenue, which in turn produced $3.4 million in taxes for state coffers.
Welcome to the 2 Billion Dollar Lifetime Handle Club
Owing to such a brilliant performance, especially in September and October, Tennessee’s lifetime handle hit $2.3 billion since the sports betting market was launched in November 2020. So, Officially Tennessee is now the ninth US state to cross the $2 billion mark milestone for its lifetime handle, following states like Nevada, New Jersey, Pennsylvania, Illinois, Indiana, Colorado, and Michigan.
Moreover, the Volunteer State will also go in the books as the fifth-fastest US state to garner $2 billion worth of sports wagers, 12 months. Tennessee closely follows Colorado to become fifth best, as the Centennial State sits at position four after it facilitated $2.1 billion in sports bets over 11 months – from May 2020 to March 2021. And while Tennessee was edging closer to the 2-billion-dollar club in August 2021, Colorado’s lifetime handle soared past $3 billion in the same month.
Ever since Tennessee entered the regulated sports betting market, the state has been one of the movers and shakers of the entire US industry. In its first week of launch, for example, sports fans spent a total of $27.4 million, of which $5 million came from the first day of sports betting. By the time the first month was over, the Volunteer State had smashed records and recorded the best ever entry month with a $131 million November 2020 handle. This was before Michigan swooped in to snatch the title in January 2021.
Six months after its regulated sports betting debut, Tennessee crushed yet another record after seeing a lifetime handle of a billion dollars in just six months. However, the bragging rights didn’t last long as Virginia blew past the ten-figure lifetime handle in less than five months of regulated sports betting activity. Nevertheless, from the look of things, this won’t be the last time that Tennesseans will be catapulting the sports-rich state into glory.
What Are Analysts Saying About Tennessee’s Performance?
In light of the latest figures released by the Tennessee Education Lottery and Sports Wagering Advisory Council, industry analysts were generally impressed, but the performance was mostly expected. Moreover, observers also project that the Volunteer State’s performance will continue to shine, at least for the remainder of this calendar year, as there will be a lot more sporting action.
Alec Cunningham, an analyst for the PlayUSA.com Network, commented on the recent numbers in Tennessee as follows:
Quote“With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts. The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry. Tennessee is one of the few states with at least one NFL, NBA, and NHL team and multiple Division I football and basketball programs, all of which will be playing full schedules in November. More records will almost certainly fall before the end of the year.”
Eric Ramsey, another analyst for the PlayUSA.com Network, also discussed the Volunteer State’s performance saying in part:
Quote“The enthusiasm for football in Tennessee has been a sort of rocket fuel for the state’s industry. Tennessee is proof that if demand is high and sportsbooks put out a good product, the market will succeed regardless of sometimes clumsy regulation.”
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