Tennessee has become the fifth-fastest state to reach the $2bn lifetime handle milestone after it smashed its state record for monthly wagering in October with $375m in bets, according to PlayTenn, which tracks the Tennessee gaming market.
PlayTenn noted that October’s wagering was $120m more than the previous high set in September, and the surge happened due to a combination of a cooperative sports calendar and bettors becoming more comfortable with sports betting within the Volunteer State.
Alec Cunningham, an analyst for PlayTenn.com, commented: “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.”
According to data published by the Tennessee Education Lottery and Sports Wagering Advisory Council, the state’s sportsbooks accepted $375.3m in October bets, up 45.9% from September’s record $257.3m handle. $12.1m was placed in wagers per day during the month, higher than the $8.6m per day placed during the previous month.
Gross revenue decreased by 9% to $23.3m (September: $25.6m), but that still represented the second-most profitable month for sportsbooks. The month earned a record $17.2m in taxable revenue, yielding $3.4m in tax revenue.
October pushed Tennessee’s lifetime handle to $2.3bn, making the Volunteer State the fifth-fastest state to reach the $2bn milestone.
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com, stated: “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.”
Cunningham added: “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.”