Two Year Anniversary For Tennessee Sports Betting
November 1, 2022, marked the two-year anniversary of legal sports betting in the state of Tennessee. This state became the first ever to launch an online-only market when it did so on November 1, 2020, and it remains that way to this day.
There were only a handful of sportsbooks available when the industry first launched, but that number has now grown to 11. Other operators have applied for a license in Tennessee as well, and are expected to join at some point in the near future.
Tennessee has been able to attract some of the biggest names in sports betting, with FanDuel, DraftKings, and BetMGM leading the way. Wager is also live in the state, bringing the first ever peer-to-peer wagering option in the United States.
Total sports betting handled since the launch of sports betting is now up over $5.6 billion, and could approach $6 billion based on the October 2022 numbers. The state has been able to collect close to $90 million in tax revenue since the launch, and that was the initial reason for legalizing this industry.
Tennessee is home to the Tennessee Titans and Nashville Predators, but allowing betting on college sports has helped the market grow as well.
Ending the Year with Momentum
The October 2022 sports betting report was not available to begin the month of November, but that should be out soon. October will have a tough time trying to top September, though as the state set a new state record for revenue.
The total gross revenue in September was $46.3 million, and that was actually the first time the state had been over $40 million. Sportsbooks in Tennessee enjoyed a dominant performance over bettors, but there was also a nice uptick in the total handle.
With the 2022 NFL season continuing over the next few months, there is a good chance that Tennessee will begin the third year of sports wagering by setting some new state records. This state is not going to ever be one of the biggest in the U.S. but it has put up solid numbers since the launch.
Problems at the Beginning
Not everything was perfect with the sports betting industry in Tennessee, especially during the first few months. The Tennessee Education Lottery seemed to lose some control at times, and even their punishments for rule breakers received a ton of criticism.
Eventually, the Sports Wagering Advisory Council took over the reins on January 1, 2022 and things have been much smoother since that time. The mandatory 10% hold rate continues to be a hot topic of debate, but it hasn’t impacted the sports betting landscape.
There are still no plans to offer retail sports betting in the state, and that continues to make this state unique in the sports betting landscape of the U.S.
