Tennessee’s sportsbooks earned a new record $253m in revenue from wagers in September following a quiet summer of activity.
Data from the Tennessee Lottery revealed that September saw an improvement of 78.1% from $144.5m and sees the previous record smashed by over $50m.
Analyzed play PlayTenn, the Tennessee sportsbook market has been catalyzed by the beginning of the NFL season and a full month of college football. The market analysts hinted that the Tennessee market could see a significant boom with plenty of untapped potential.
“As impressive as September was, the Tennessee sports betting market has not nearly reached its potential,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Baseball’s postseason and the return of the NBA, coupled with a full month of the NFL, should move Tennessee forward again. The records will continue to fall over the next few months.”
Bettors in the Volunteer state wagered $8.6m per day over the 30 days of September, up from $4.7m per day over the 31 days of August.
Furthermore, Gross Revenue reached record heights, with sportsbooks winning $25.6m in September, up 93.9% from $13.2m in August. It topped the previous record of $20.9m in revenue gained in January.
The new football season ushered in more online sports bets in Tennessee, with the NFL having a special pull with US bettors.
“Football is unique in the way it motivates bettors, and sportsbooks got a little help with decent starts in September by the Titans and Volunteers,” added Nicole Russo, analyst for PlayTenn.com.
“With local interest in the Atlanta Braves and the start of the Grizzlies season adding to the mix, October should push sportsbooks to yet another level.”