Tennessee Sees Sports Betting Handle Jump In June
After a rough month of May for the Tennessee sports betting industry, the Tennessee Education Lottery (TEL) was able to report much more positive numbers in June.
The official report was announced on Tuesday as the TEL and Sports Wagering Advisory Council were holding their monthly meeting.
The total sports betting handle in Tennessee last month was $174 million, and that was an 8% increase over May. May was the lowest total handle that had been reported in the state since sports betting launched at the beginning of November 2020.
Tennessee was a state that was setting new industry records nearly every month for the first few months, but things have slowed way down in the Volunteer State. This is in part due to the fact that the TEL has been slow to approve new operators, and there is only a handful of betting options.
Last month, the seven online sportsbooks in Tennessee combined with having an adjusted gross revenue of $16 million. This is a solid number for the operators, and this is a number that has been trending in the right direction.
The state of Tennessee was able to collect close to $3 million in privilege tax in June after the jump in total handle. Since November 2020, more than $24 million has been collected in tax revenue, and most of that money goes back into the education account.
Sportsbooks in Tennessee have accepted more than $1.4 billion in wagers since November, and Tennessee was one of the fastest in the industry to get to the $1 billion mark. It looked as if Tennessee was set to become one of the top markets in the US, but a recent slump has set them back.
Football has accounted for 17% of all of the wagers placed in Tennessee, and that could signal big things to come later this Fall when both college football and the NFL return. Tennessee was able to get off to a great start in part because it launched right in the middle of the 2020 NFL season.
More Operators Waiting
The topic of this meeting also shifted to new operators that are hoping to join the sports betting market in the state of Tennessee. According to the minutes from the meeting, there are five sportsbook operators that have submitted an application to launch in Tennessee.
The TEL announced that it has completed the review process for three of the operators, and it will send out a notice later this week to those companies. The TEL did not make it clear if any new operators would be approved for a license, but it would seem as if some more options could be available by the start of the 2021 NFL season.
Action 24/7, BetMGM, DraftKings, and FanDuel have also already had their renewal approved by the TEL, and they will continue offering sports betting in the state. These were the first four online sportsbooks available in November.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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