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Through its first three months of service, Tennessee has sustained its historic pace since being only the seventh state to raise more than $200 m in sports bets in a single month.
According to official figures released by The Tennessee Education Lottery, which is up 16.6 percent from $180.9m in December, Bettors placed $211m in wagers in January.
That generated a record $21.8 million in operator sales, a rise of 56.8 percent from $13.9 million a month ago, raising $4.3 million in state taxes in exchange.
The state’s record speed saw the results of January nudge total sports betting income for life to $49 million and wagers to $523 million, beating Indiana’s $274.2 million, which was the previous record for the first three months of a business.
Among most surprising ascents
Jessica Welman, analyst for PlayTenn.com said: “Tennessee continues to be among the most surprising ascents of any US sports betting market.
“The records won’t last, as Michigan already proved by snapping Tennessee’s record for a debut month. But the industry is off to a better start in the Volunteer State that anyone could have expected.”
However, the area could also experience its first headwinds, with Virginia being the first of Tennessee’s neighbours to begin online sports betting in January. Analysts believe the momentum could continue.
In comparison, according to unofficial TEL preliminary results, Volunteer State bettors demonstrated considerable interest on the Super Bowl, wagering more than $15m on the NFL showpiece and delivering a ‘win’ of almost $3m.
Continued growth remains promising
Dustin Gouker, analyst for PlayTenn.com added: “The near-perfect conditions Tennessee enjoyed in its first two months were never going to last forever, but continued growth even as competition rises remains encouraging.
“It’s early, but it appears that the market has plenty of room for growth, even if more nearby states regulate sports betting themselves.”
The TEL does not announce data from individual sportsbooks, with analysts forecasting that BetMGM is engaged in the battle for early market dominance with FanDuel and DraftKings, the two main sportsbook operators in the world.