Tennessee sports betting sets revenue record in November

The state has reported an average of $40m daily in sports betting and $5.9m in tax revenue.

US.- Tennessee’s sportsbooks have posted their best month ever in November, setting a record for revenue with nearly $40m as the average daily volume of sports betting increased from October’s record.

According to data acquired by PlayTenn from the Tennessee Education Lottery and Sports Wagering Advisory Council, wagering fell to $365.7m in November, falling short of the record $375.3m in October.

But average volume grew to $12.2m per day over the 30 days of November from $12.1m per day over the 31 days of October.

Year-over-year, November’s bets increased 178% from the $131.4m in bets that sportsbooks took in November 2020, the first month of sports betting in Tennessee.

In November, gross revenue increased 179% to $36.9m from $13.2m in the same period in 2020. September had marked a record of $25.6m. Promotions helped whittle taxable revenue to $29.6m, also a record, which yielded a record-breaking $5.9m in tax revenue.

Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com commented: “Even with one fewer football weekend than in October, wagering grew, a sign that the wave of action over the last three months is sustainable beyond football season.

“Sportsbooks continue to expand their reach to new customers, and bettors are becoming increasingly comfortable with more diverse forms of betting. It is difficult to imagine a better season than the one that Tennessee sportsbooks have enjoyed.”

Alec Cunningham, an analyst for PlayTenn.com, added: “Most states that have legalised and regulated sports betting have undoubtedly done so with additional tax revenue as the main carrot.

“Tennessee regulators made some missteps during their first year on the job, but ensuring that the state gets a fair share has not been one of them. They have set up a relatively balanced structure that has created a dependable revenue source without hamstringing operators.”

Over the last three months, sportsbooks have produced $85.8m in gross revenue on $998.3bn in wagers, which has yielded $12.6m in tax revenue for the state.

See also: Tennessee sports betting handle grows 78% in September