- Tennessee has set a record for sports betting handle in the first six months of operations.
- More than $1 billion in sports bets have been placed at Tennessee’s sportsbooks.
- Tennessee uses only online sportsbooks, with no retail or brick and mortar sportsbooks allowed in the state.
LAS VEGAS - Tennessee’s unique online-only sportsbook model has brought in over $1 billion in revenue in its first six months of operation.
Tennessee’s sportsbooks opened in November of 2020, and even amidst the COVID-19 pandemic, did remarkably well.
Much of this could be due to the way in which the government regulated the sportsbook industry - Tennessee put all of its chips in the online sportsbook basket, as opposed to opening retail sportsbooks.
Tennessee, by reaching $1 billion in handle in its first six months of operations, has become the fastest state to do so.
No other state has reached over $1 billion in its first six months of sportsbook operations, with the only one close being New Jersey, which clocked in around $928 million in its first six months.
After New Jersey, the state with the next highest handle in its first six months of sports betting operations is Indiana, which clocked in at $794 million - well below NJ and TN.
Even more impressive is the fact that Tennessee’s record handle has been accomplished on only six sportsbooks, with the seventh, WynnBET, going live on April 30.
Tennessee has brought in $18.5 million in tax revenue on the more than $1 billion wagered in the state so far.
Overall Handle Decreasing From Mar-Apr
Despite the generally positive tone of the news coming out of TN, it’s worth noting that overall handle did decrease significantly from March to April.
This is generally expected in the sports betting world. March, of course, is home to March Madness, while April’s biggest focus is the end of the NBA and NHL regular seasons.
In March, sportsbooks in Tennessee saw a handle of $205 million, while that number decreased by 13.6% in April to $172.4 million.
Tennessee’s success, in a way, sets a model for other states to follow - the success of its online-only model could pave the way for other similar models in other states.
Online gambling aficionados should keep an eye on the state of sports betting in Tennessee - it could herald something greater in the future.