Tennessee Sports Betting Industry Setting Records
Tennessee officially launched sports betting on Nov. 1, and it was a huge month for sportsbooks.
The state posted a total sports betting handle of $131.4 million, which actually set a new industry record.
The $131.4 million was not even close to the biggest market during the month of November, but it was the best first month by any state on record. This was a great start for Tennessee sports betting, and it could signal bigger and better months ahead for the state.
There were five online sportsbooks ready to launch on Nov. 1, and some of the biggest names in the industry are offering sports betting in the state. The Tennessee Education Lottery is overseeing the sports betting industry, but that group did not break down the total handle by sportsbook like some other states do.
The Tennessee Education Lottery planned for the launch during the NFL season, and that played a huge role in allowing the industry to get off to a fast start. Tennessee is also the first and only online-only sports betting market in the United States.
The first week of sports betting in the state brought in more than $27 million in betting handle, with a large majority of that coming on NFL bets. Sportsbooks in the state were offering a number of promos centered around NFL action, and specifically around the Tennessee Titans.
With such a large amount of betting action taking place during the month of November, it was also a huge win for the state of Tennessee. Nearly three million in tax revenue was generated by the industry, and that money will go towards a number of programs and projects.
There are a handful of other sportsbook operators preparing to launch in Tennessee, and that is expected to happen in 2021. FanDuel and DraftKings are two of the biggest names already in Tennessee, but sites such as ZenSports and William Hill will be launching soon.
Sports Betting Facts and Figures
All of the sports betting must be done using a mobile sports betting app, over the internet, or through some other form of telecommunications. There aren’t any retail sportsbooks available in the state, and that will likely remain the case for the foreseeable future.
The legal betting age in the Volunteer State is 21 years of age, and you must be physically located in the state to make a wager. You do not have to be a resident of Tennessee to sign up for a sports betting account, but accessing your account from outside of the state is prohibited.
The Lottery for Education Account will receive roughly 80 percent of all sports betting tax revenue. State lawmakers wanted education to reap the benefits of the new industry, and it also helped to generate some support.
Fifteen percent of the tax revenue will be deposited into the state’s General Fund, and that money will then be sent to local governments. The final five percent of the tax revenue will be used to create programs that help those with problem gambling.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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