Tennessee sets new record sports betting handle in October
According to figures from the Tennessee Education Lottery, the state sports wagering grew 45.9 per cent month-on-month.
US.- With the NFL near the halfway point of its season and college football near its bowl season, Tennessee sportsbooks continue to rake in a high volume of sports wagers. According to the Tennessee Education Lottery, the state saw a record $375.3m in bets placed during October, breaking the previous state record set in September by more than $120m.
An average of $12.1m in bets were placed each day, beating the $8.6m in bets per day in September. Gross payouts were $352.4m, 52.1 per cent higher than September’s $231.7m. Adjusted gross income came to $17.2m, up 3.6 per cent from September’s $16.6m. Tennessee’s privilege tax raised $3.4m, 3 per cent higher than September’s $3.3m.
Alec Cunningham, an analyst for PlayTenn.com said: “With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts. The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry.”
October’s results pushed Tennessee lifetime handle to $2.3bn since the first sportsbooks launched in November 2020. The state is the fifth-fastest to cross the $2bn milestone.
“Tennessee is one of the few states with at least one NFL, NBA, and NHL team and multiple Division I football and basketball programs, all of which will be playing full schedules in November,” Cunningham said. “More records will almost certainly fall before the end of the year.”
See also: Tennessee sports betting handle grows 78% in September
