According to analysts from PlayTenn.com, Tennessee sportsbooks posted the best debut performance in the history of legal US sports betting, after producing more wagers in the first month of the market than any other jurisdiction.
According to official data released by The Tennessee Education Lottery, the sports betting organisations generated $131.4 million in handling in November, after the operation began in early November. This smashed the former $35.2m Indiana record set in September 2019.
Money wagered in Tennessee resulted in a $13.2m win, which in the first month of legal sports betting is also the most in history for a state. Those revenues for the state produced $2.4 million in taxes.
Dustin Gouker, analyst for PlayTenn.com said:
“The best-ever launch for online sports betting is perhaps a surprise to some, but Tennessee also debuted with enormously favourable circumstances, many of which came by design.
“First, it debuted in the heart of the NFL and college football seasons in a region that is particularly football crazy. And with the top operators in the country jumping in early to take advantage of the football season in full swing, it was a debut month like no other.”
To give a little context, New Jersey, currently the number one country, only exceeded the $130m barrier when it reported $183.9m four months in the number three market with Pennsylvania, taking 11 months to beat the target by recording $194.5m in September 2019.
Jessica Welman, analyst for PlayTenn.com noted: “Talk about getting the market off on the right foot.
“Tennessee is a market with enormous potential but untested, making it difficult to predict how bettors would react to start. By topping the next-best debut by nearly $100m, I’d say that verdict is now in and it is a good one.”
November wagers are likely to position Tennessee seventh in the US, behind New Jersey, Nevada, Pennsylvania, Illinois, fifth-placed Indiana, which in November created a $251.4 million state record, and Colorado. Inclusions are expected in Nevada and Illinois, with both regions releasing data later this month and during January, respectively.
With BetAmerica, WynnBet, and William Hill all anticipated in the new year, four sportsbooks opened in the first month, including FanDuel and DraftKings, the two main operators in the US, as well as BetMGM and Action 24/7.
Gouker added: “With its growing list of operators, this is just the start for the market. The next question is when and if Tennessee will challenge Colorado and Indiana in terms of overall market size. It appears sooner than anyone expected.”