Tennessee Sports Betting Off to Great Start
The state of Tennessee officially launched sports betting on Nov. 1, 2020, and the market is already off to a huge start.
The first week numbers are in, and Tennessee registered $27.4 million in sports betting handle during the first seven days.
The Tennessee Education Lottery is in charge of the TN sports betting industry in the state, and the Sports Wagering Advisory Council made the announcement earlier this week. According to their report, sportsbooks paid out $23.9 million during the first week, making revenue more than $509,000 from Nov. 1-8.
The first day brought in $5.1 million in sports betting handle as bettors flocked to the sportsbooks to bet on the NFL. The TEL committee announced that $349,000 in tax revenue on Nov. 1, signaling a huge start for the industry.
There were four operators that launched sports betting on the first day, and those included some of the biggest names in the industry. BetMGM, DraftKings, and FanDuel were joined by Tennessee-operated Action 247 Network.
The three major sports betting operators have all announced that the first day’s launch in Tennessee was much bigger than what they have seen in other markets. Launching on an NFL Sunday played a huge role in this, but this also means that Tennessee is set to become a huge player in the industry.
The popularity of the Tennessee Titans will help drive the sports betting industry, and they brought in the largest amount of bets on the first day. It is unclear how soon the TEL will release the numbers for the month of November, but the state should go well over the $100 million mark in total handle.
New Operators Set to Launch
Even though there were just four operators ready to launch on the first day, that number is expected to increase soon. The Tennessee Education Lottery has confirmed that three other operators have started the application process and will be approved.
The Tennessee Education Lottery has a very detailed application process, and it takes them a long time to approve of each operator. If approved, Tennessee will see three more big names hit the market as early as 2021.
BetAmerica is one of the operators looking for approval as the Churchill Downs Inc. sports betting arm continues to grow. William Hill and WynnBet are also looking to receive a new license, and each company already has a strong base in the US.
The lottery board is set to meet on Nov. 17, and action will likely be taking regarding the applications. There is a chance that all three operators could be approved as early as next month, but 2021 seems more likely.
More operators will create more competition in Tennessee, and that will be a win for sports bettors. All seven operators will have some sort of bonus or promotion offered to new customers, and bettors are free to sign up at all seven sites if they so choose online, or by one of the TN sports betting apps now available.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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