Tennessee Sports Betting off to flying start
Tennessee sports betting has started life with a huge $27 million handle in the first week.
Tennessee sports betting is now live, and in its first full week, posted just over $27.4 million in total handle. The market opened with four sportsbooks active, with more operators expected to launch their platforms over the coming months. Numbers released by The Tennessee Education Lottery (TEL) Sports Wagering Advisory Council this week revealed that $23.9 million was paid out from November 1-8. The TEL also said that the state generated $509,000 in total tax revenue.
The opening day for sports betting in Tennessee was Sunday, November 1, which saw $5.1 million in handle, $3.4 million paid out, and $349,000 in tax revenue. The four operators with sportsbooks live in Tennessee are DraftKings, FanDuel, BetMGM, and Action 247, who are based in Nashville. All of the brands reported record first-day handles in Tennessee.
The three major brands that have numerous platforms live in other states commented on how they saw more handle the first day in Tennessee than they did when they launched betting websites in other states.
Elisa Richardson, a spokeswoman for BetMGM, said that their launch in Tennessee went “incredibly well,” confirming that it was their “biggest new player signup day ever.” DraftKings didn’t go into as much detail regarding numbers but did say that it was an “exciting weekend.” FanDuel pointed towards the fact that the Tennessee Titans were the most-bet on NFL team in both handle and the number of wagers.
More Operators Coming to Tennessee
Earlier this week, three more operators were confirmed they are currently in the midst of the approval process with the Tennessee Lottery. The operators in question are WynnBet, William Hill, and BetAmerica from Churchill Downs. Each brand is being vetted, and the lottery aims to have all background checks and approvals granted by the end of this year.
Matt Maddox, CEO of Wynn Resorts Limited, confirmed they are in the process of getting approval to enter the Tennessee market. He stated they are applying for licenses on a standalone basis in “Tennessee and Virginia.” Tennessee became the 19th state to offer sports betting when it officially launched its market on Sunday, November 1. However, it is the first state to launch an online-only sports betting industry, with other states having retail sportsbooks available for bettors.
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