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The legal online sports betting industry continues to grow especially with sports (mostly) back in full force amid the long-running COVID-19 pandemic. Tennessee online sports betting is one of the latest platforms to launch, and the Volunteer State showed promise in its opening month.
Tennessee legal sports betting reached a handle of $131.4 million (the total amount wagered), per the state’s initial disclosure. Sportsbooks took in just a bit more than $13 million, generating Tennessee nearly $2.5 million in tax revenue in November.
Following a November 1 launch, the early returns have been particularly promising given Tennessee currently has just four online sportsbook applications up and running. DraftKings Sportsbook, FanDuel Sportsbook and BetMGM have jumped out as market leaders early on, while industry power house William Hill will soon join the fray.
The December numbers will be particularly interesting given the novelty of the operation will have mostly worn off, though with pivotal college football and NFL matchups as well as early-season college basketball and NBA action covering the month, the action should remain strong.
It’s worth noting that the Tennessee Volunteers men’s basketball program is off to an undefeated started, rising to the nation’s eighth-ranked team. If the hot start continues, the Vols should garner more betting attention as the college basketball season wears on. Meanwhile, a Titans postseason run would also likely provide an additional jolt within the market.
Still, not everything is working in the market’s favor.
Things could change by next month though in terms of how much money the handle is garnering. The state of Virginia is expected to launch legal online sports betting as soon as perhaps January, which should provide Tennessee with legitimate competition in terms of revenue.
Being that it’s a border state, many residing in Virginia have likely traveled to Tennessee in order to place their wagers, but come January, that should no longer be the case. The hope will be that natural growth, app expansion, and the NFL Playoffs will be enough to carry interest.
Too many factors are in place right now to determine how Tennessee legal sports betting will perform in the future, given the situation with Virginia as well as the sportsbooks that are yet to launch in the Volunteer State. Regardless, it was a stellar opening act in month one with additional sports and events returning.
A graduate of the University of Florida and founder of Saturday Down South, Kevin is a college football enthusiast.
