Tennessee's Sports Betting Market Off to Best Start in History with $130 Million November, According to PlayTenn Analysts

LAS VEGAS, Dec. 23, 2020 /PRNewswire/ -- Tennessee's sportsbooks enjoyed the best debut in the history of U.S. legal sports betting, generating more in wagers in the market's first month than any other state in history, according to analysts from PlayTenn.com, which offers news and analysis on the fledgling Tennessee gaming market.

"The best-ever launch for online sports betting is perhaps a surprise to some, but Tennessee also debuted with enormously favorable circumstances, many of which came by design," said Dustin Gouker, analyst for PlayTenn.com. "First, it debuted in the heart of the NFL and college football seasons in a region that is particularly football crazy. And with the top operators in the country jumping in early to take advantage of the football season in full swing, it was a debut month like no other."

Tennessee sportsbooks generated $131.4 million in handle in November, according to official data released Wednesday by The Tennessee Education Lottery. That is easily the most in the history of U.S. sports betting, shattering Indiana's former record of $35.2 million set in September 2019.

The money wagered in Tennessee resulted in a "win" of $13.2 million, which is also the most in history for a state in its first month of legal sports betting. Those proceeds generated $2.4 million in taxes for the state, an impressive total.

To put Tennessee's debut in context, New Jersey, currently the nation's largest sports betting market, did not surpass $130 million in month until it generated $183.9 million in its fourth month. It took Pennsylvania, the nation's No. 3 market, 11 months to top that total when it posted $194.5 million in September 2019.

"Talk about getting the market off on the right foot," said Jessica Welman, analyst for PlayTenn.com. "Tennessee is a market with enormous potential but untested, making it difficult to predict how bettors would react to start. By topping the next-best debut by nearly $100 million, I'd say that verdict is now in and it is a good one."

November's wagers will likely place Tennessee seventh in the U.S., behind New Jersey, presumably Nevada (which will release November data later this month), Pennsylvania, presumably Illinois (data expected to be released in January), Indiana, and Colorado, which produced a state record $231.2 million in November.

Four sportsbooks debuted in the first month, including FanDuel and DraftKings — the two largest operators in the U.S. — as well as fellow heavyweight BetMGM, and local sportsbook Action 24/7. At least three more appear ready to launch after the new year, including BetAmerica, WynnBet, and William Hill.

The state's operators also got a boost from the success of the Tennessee Titans, which is enjoying one of the best seasons in the NFL and has a historically strong offense.

"Local sports matter in legal sports jurisdictions in the U.S., and a strong NFL team matters more than most, so the Titans success is bound to translate into bets," Gouker said. "With its growing list of operators, this is just the start for the market. The next question is when and if Tennessee will challenge Colorado and Indiana in terms of overall market size. It appears sooner than anyone expected."

For more, visit PlayTenn.com/news.

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SOURCE PlayTenn.com

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