Tennessee’s sportsbooks posted their best month ever in November, with a record for revenue with nearly $40 million, as the average daily volume of sports betting ticked up from October’s record, as reported by PlayTenn, which tracks the Tennessee gaming market.
Wagering fell to $365.7 million in bets in November, falling short of the record $375.3 million in bets reached in October, according to data from the Tennessee Education Lottery and Sports Wagering Advisory Council. Average volume grew to $12.2 million per day over the 30 days of November from $12.1 million per day over the 31 days of October.
In a year-over-year comparison, November’s bets were up 178% from the $131.4 million in bets during the first month of sports betting in the state in 2020.
Gross revenue grew 179% to $36.9 million, leading to a record win for sportsbook, up from November 2020’s $13.2 million, shattering September’s record of $25.6 million.
Promotions helped whittle taxable revenue to $29.6 million, also a record, which yielded a record-breaking $5.9 million in tax revenue.
Sports betting has produced $242.4 million in gross revenue since launching in November 2020, injecting $41.4 million into state coffers.
Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayTenn.com, said: “Even with one fewer football weekend than in October, wagering grew, a sign that the wave of action over the last three months is sustainable beyond football season. Sportsbooks continue to expand their reach to new customers, and bettors are becoming increasingly comfortable with more diverse forms of betting. It is difficult to imagine a better season than the one that Tennessee sportsbooks have enjoyed.”
Alec Cunningham, analyst for PlayTenn, added: “Most states that have legalized and regulated sports betting have undoubtedly done so with additional tax revenue as the main carrot. Tennessee regulators made some missteps during their first year on the job, but ensuring that the state gets a fair share has not been one of them. They have set up a relatively balanced structure that has created a dependable revenue source without hamstringing operators.”
The last three months have been especially lucrative for Tennessee and the U.S. as a whole. Over the last three months, sportsbooks have produced $85.8 million in gross revenue on $998.3 billion in wagers, which has yielded $12.6 million in tax revenue for the state.
Football has been the driving force in the recent growth. But the first full month of the NBA was key in helping sportsbooks keep up their pace in November, which had four weekends of football games compared with five in October.
“Football draws more in wagers per game, but the sheer volume of NBA and college games makes basketball a force in and of itself,” Cunningham said. “The convergence of basketball and football will certainly keep sportsbooks busy well into the new year.”
Original article: https://www.yogonet.com/international/news/2022/01/05/60820-tennessee-sportsbooks-post-new-revenue-record-of–40m-in-november
