Tennessee: sports betting handle reaches $130m
Tennessee’s sports betting handle reached $130m in the first month of its launch which took place on November 1.
US.- Bettors in Tennessee produce handle of $130m in November, the highest first month total recorded by any state in the US.
The figure was recorded by the state’s regulator, the Tennessee Education Lottery (TEL). Since the TEL did not show the individual figures of each sportsbook, it is unknown which operator took in the most bets.
The state currently has three licensed sportsbooks; DraftKings, FanDuel and local sportsbook Action247. Spokespersons for the first two both said they were pleased with the reported figures early on.
Tennessee is the first state to launch an online-only sports betting market, but its early success highlights the potential of the market. Casinos and racetracks are prohibited in the state.
In just the first full week of sports betting the state brought in a handle of $27m, according to the TEL.
Of November’s total tax revenues from sports betting in the state, 80 per cent will be set aside for the Education Fund, 15 per cent to the General Fund and the other 5 per cent to create programs for problem gambling.
