December Brings More Betting in Tennessee
Sports betting in Tennessee continues to grow as the state set a new sports betting handle record during the month of December.
Not much was expected from Tennessee sports betting when it launched online sports betting on Nov. 1, but the state has quickly turned into a large market.
In December, the total sports betting handle was just under $181 million, which represented a near 38 percent increase from the month of November. All betting was done online, as Tennessee is the only online-only sports betting market in the United States.
Gross payouts for the month of December were $167 million, which was a 41% increase from the $118.2 million in November. The November launch set records in the US industry, but Tennessee was able to follow that up with another strong month.
In November, the total sports betting handle was $131.4 million, which was the largest first month ever recorded in the US sports betting industry. It took some of the bigger markets more than a year to reach that mark, which speaks to the potential of sports betting in Tennessee.
The privilege tax, which is the money that is paid to the state, was $3.1 million for the month of December. That was a 29 percent increase from the $2.4 million that was brought in during November.
Tennessee still does not have any casinos in the state, and it has had some strict gambling laws in place until 2019. Voters in the state approved a sports betting measure, and the Tennessee Education Lottery was put in charge of launching the industry.
Industry experts applauded the TEL for allowing all of the sportsbook operators the opportunity to launch on Nov. 1 as opposed to launching them in a rolling fashion. There were just four TN sportsbooks ready to go on Day 1, but they saw bets pour in at a record pace.
Two More Operators Approved
The Tennessee Education Lottery approved two new sports betting operators near the end of January, but these apps will not be launched in time for the Super Bowl. William Hill and WynnBET were the two companies that were approved, and they will bring even more competition to an already competitive market.
Churchill Downs was also recently approved as a sports betting operator, but it has not been able to launch at this time. When all three of these operators go live, the total number of sports betting apps will climb to seven.
William Hill has announced that it is planning on a mid-February launch, but that date will still need to be approved by the TEL. Churchill Downs and WynnBET have not announced an official launch date, but each site will be looking to get off the ground as quickly as possible.
ZenSports still has a pending license with the TEL, but that operator was not discussed at the most recent meeting.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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