It’s the first time it has passed $500m in a month since sports betting went live in Tennessee in November 2020.
The 16.2% increase was a marked improvement from the 6.2% rise recorded in October. It fell short of the 72.9% month-to-month growth seen in September, though that coincided with the NFL and college football seasons getting underway.
Gross wagers also surpassed $500m for the first time, receiving $517.1m for the month. This is up 17.7% from November last year, while it is a 41.4% increase on November 2021.
The state collected $9.5m in privilege tax, again the highest amount since sports wagering was launched there.
Continued growth in Tennessee
A challenging start to sports betting in Tennessee saw revenue fall to a record low of $10.1m in August 2021.
The state has rebounded impressively since then, however, with November’s gross wagers 257.9% higher than those recorded in August 2021.
Fanatics Sportsbook, ESPN Bet and Hard Rock have all launched in Tennessee within the last two years. FanDuel, DraftKings and BetMGM all went live in the state when sports betting was legalised in 2020.
Caesars Sportsbook entered into a multi-year partnership with Tennessee-based NBA team Memphis Grizzlies in August 2022.
Original article: https://igamingbusiness.com/sports-betting/tennessee-passes-500m-handle-for-first-time-in-november/
