Tennessee sets record sports betting handle in October
Tennessee Sports Handle Reaches New Record of $375.3 million
It has been a fruitful few months for sports betting throughout the United States. We have seen numerous states report new records for sports betting volume in October 2021, and Tennessee has joined the party. The handle in the Volunteer State reached a new record of $375.3 million, an increase of almost 46% from $257.3 million in September. Knowledge of sports wagering is increasing across the country, and the fall is a hub of activity for sports in the calendar year, with the NBA, NHL, and NBA seasons all underway.
Sports Betting Revenue Numbers
In October, Tennessee posted $23.3 million in sports betting revenue. That was just short of the record set in September 2021 of $25.6 million but is still the second most profitable month for betting operators in Tennessee. However, adjusted gross income increased slightly to $17.2 million, which translates to $3.4 million in tax revenue. The state’s sports betting market is expected to continue to expand over the next few months as new operators enter the industry. All sports betting activity in Tennessee must be done online or via any of the Tennessee sports betting apps that are now available to patrons.
Tennessee reached a $2 billion overall sports betting handle in October, becoming the fifth-fastest state in the US to reach that milestone. Sports Wagering went live in Tennessee on November 1, 2020, and it has grown 185.5% year-over-year.
Tennessee has a Mandatory 10% Hold
The Tennessee sports betting market is different from the vast majority of other states. Not only is everything online, but it has a mandatory 10% hold for sportsbook operators. The Tennessee Education Lottery laid down this rule when the market launched last year. However, it has been challenging for brands to operate in this threshold. The typical average for hold in most legalized markets is around 7%, with some markets, such as Nevada, even lower at 5%.
The Sports Wagering Advisory Council held a meeting recently discussing this issue and how to address it moving forward. Currently, sportsbooks face $25,000 in fines if they don’t meet the 10% hold requirement, which isn’t a large amount of money for operators. Several legislators have discussed the potential of looking at operators’ hold every quarter and delivering the $25,000 fine per quarter, which could bring the potential fines to $100,000.
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