Online sports betting in the US has had a pretty nice start, especially in the US state of Tennessee. It’s been a month since they officially rolled out the legal online sports betting platform, and now, they’ve announced the stats.
A history record in revenue
This Wednesday, the Tennessee Education Lottery (TEL) reported that the state’s gross wagers for the period of 1-30 November are over £95 million, with gross payouts at £87 million. This is by far the best debut in the US legal sports betting market, with Tennessee generating more in revenue than any other state in history. The state of Indiana held the previous records when it generated £25 million in September 2019.
It’s worth noting that Tennessee is the State’s first mobile-only sports betting market. There are no casinos or online casino platforms available. The official numbers and statistics are pretty impressive for now since Tennessee is known as a state that resisted betting and gambling initiatives.
The CEO and president of TEL R.P.Hargrove said that this success comes at a very challenging time for the US and the world alone. She adds that November’s figures show great potential; however, some things need to be improved and adapted. As the betting market grows and evolves, they will continue to work with licensees and providers to offer a responsible and competitive wagering program. Providers like FanDuel, DraftKings, BetMGM and Action 24/7 debuted in the first month, while William Hill, BetAmerica and WynnBet will have their official launch in early Q1 of 2021.
Local sports success makes a difference
As a reminder, lawmakers in Tennessee opted for an open licensing procedure, meaning that there will be no limit on the number of licences. There was some criticism that it took more than 18 months for the state to go live, even though TEL approved the legislation process in April 2019. Nonetheless, things for Tennessee are looking great so far. Let’s compare the stats for New Jersey, the most progressive betting market in the US. This state has reached its £95 million in wagers after four months since the official launch. November’s stats will place Tennessee as the seventh state in the US with the highest sports betting revenue, behind New Jersey, Nevada, Pennsylvania, Illinois, Indiana and Colorado.
Gaming operators received a boost from the Tennessee Titans’ recent success, a powerful team running in the NFL. Gaming analysts say that local sports make a huge difference when it comes to US betting activities. Following the team’s success and the impressive figures for Tennessee, it was just a question of time when those wins would start translating into bets.
In the end, we can say that this is just the start, and it sure looks promising. With its growing list of operators, it will be a matter of time when Tennessee will stand hand in hand with large markets like Nevada or Colorado.