Tennessee Sports Betting Numbers Low In February
The Tennessee Education Lottery released the February sports betting numbers, and they were disappointing, to say the least.
Both the total sports betting handle and total revenue were down last month, but that has been a trend established throughout the entire US industry.
Tennessee launched sports betting on Nov. 1, and every month had brought an increase until February. The Tennessee Education Lottery recognized that February is usually a slower month for sports betting but was hoping that the state could still produce a new record.
The total sports betting handle for February was just $176.3 million, a decrease of more than 16 percent from January. January was the first month that Tennessee was able to go over the $200 million mark, and there was hope that the market could stay above that line.
Adjusted gross income for February was $13 million, a major decrease from the $21.8 million in January. Tennessee is counting on the sports betting industry to provide a solid revenue source, and the February numbers were disappointing.
February provided one fewer weekend for sports betting, and there was just one NFL game on the schedule. Sportsbooks saw more than $15 million wagered on Super Bowl LV, but basketball was not able to fill the void left by football.
The Tennessee sports betting numbers are expected to bounce back during the month of March, thanks to the 2021 NCAA Men’s Basketball Tournament. This is always one of the most popular sports betting events of the year, and sportsbooks in Tennessee should remain busy for the duration of the tournament.
There are also two new online sportsbooks live in the state, TwinSpires and William Hill, and that should help boost the March numbers as well. Tennessee was not going to be able to keep up the record-setting pace forever, but the February numbers were still disappointing.
WynnBET Tennessee is also expected to launch very soon which should help the case further.
Action 24/7 Back Online
It has been an eventful few weeks for Action 24/7 Sportsbook, the locally owned and operated company in Tennessee. Action 24/7 has not gotten off to a very good start in the sports betting industry, and the most recent controversy won’t help.
Earlier this month, the Tennessee Education Lottery indefinitely suspended the sports betting license for Action 24/7 after an emergency meeting. The Tennessee Education Lottery was investigating the sportsbook for a number of things, including criminal activity by customers.
It was determined that crimes of money laundering, fraud, and proxy betting were all taking place on the site, and it was not being reported to the Tennessee Education Lottery. An Action 24/7 employee did eventually report this information, but it was well after the crimes were committed.
The Tennessee Education Lottery handed out the first license suspension in the sports betting industry, but Action 24/7 did not take the punishment well. Action 24/7 immediately filed a lawsuit to have an injunction placed so that they could relaunch.
A judge did grant Action 24/7 that injunction last week, and the site is temporarily back online.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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