Tennessee sports betting numbers for Aug are in
The Tennessee sports betting numbers are in, and August did not provide a major jump as was expected.
The total sports betting handle for the state of Tennessee in August was $144.5 million, which was the same total as it was in July.
Other states throughout the US saw some increase in the amount of sports betting that took place, but that wasn’t the case in Tennessee. September is expected to bring a major boost to the industry as the NFL season officially began on September 9.
The gross payouts for the month were up, which meant that the adjusted gross income was down significantly. While these numbers are important for the operators in the state, it’s also important for Tennessee to bring in tax dollars.
The state’s privilege tax that is brought in from sports betting revenue was just $2 million during the month of August. That was a drop of nearly 25 percent after that figure was $2.6 million in July.
While most states provide a breakdown of both retail and mobile sports betting, all of the wagering in Tennessee continues to be done online as there are no casinos in Tennessee. There are no plans to ever legalize retail sports betting, and there aren’t any logical choices to become a retail sportsbook.
More Options Now Available
Sports bettors in Tennessee proved in 2020 that football was the sport that brought in the most action. Bettors missed out on a large chunk of last year’s NFL action, and it was hard to follow college football due to COVID-19.
This is no longer the case in 2021, as bettors in the state of Tennessee will be able to wager on every single game of the NFL. The Tennessee Volunteers and the entire SEC Conference are also expected to bring in significant action beginning in September.
Bettors in the state of Tennessee now also have more options when it comes to sportsbooks, as there are currently nine live in the state. Both Wagr and Barstool went live earlier this month, and that should help the overall numbers as well.
The Tennessee Education Lottery is still in charge of the industry through 2021, but that will go over to the Sports Wagering Advisory Committee on January 1.
Closing in on $2 Billion
Sports betting in Tennessee is nearing its one-year anniversary as the industry officially launched on November 1, 2020. Despite some low numbers over the last few months, the state of Tennessee has still exceeded expectations when it comes to sports betting.
With the August total now official, the total sports betting handle in Tennessee is up over $1.7 billion. This has the state well on track to go over $2 billion in the first full year of sports betting, and that number could be reached as early as September.
In the first ten months of legal sports betting, the state has seen an adjusted gross income of right around $146 million. This figure has led to the state bringing in $29 million in privilege tax dollars to help fund educational programs in Tennessee.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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