The second year of sports betting in Tennessee kicked off in grand style — for operators.
Continuing the nationwide trend that has seen state after state post record levels of operator revenue, Tennessee added itself to that lengthy list Tuesday by reporting $36.9 million in gross revenue from November, according to figures provided by the Sports Wagering Advisory Council.
The NFL season has been a tide that has lifted practically all sports betting operator boats. Tennessee has been no exception, as the Titans are on the verge of clinching home-field advantage throughout the AFC playoffs. The last three months of reports have seen the three highest operator gross revenue totals since the industry’s state launch in November 2020, and this most recent number soared past the previous high mark of $25.6 million established in September.
The state was able to tax a significant portion of that total despite operators claiming $7.3 million in promotional credits. That is the second-highest total since launch, trailing only the $9 million that came with September and the start of football season. The $29.6 million in adjusted revenue marked only the second time that total cleared $20 million, with last January’s $20.9 million the previous benchmark.
Running November Top 10 #SportsBetting Handles by state:
1 #NewJersey: $1.26B
2 #Nevada: $1.086B
3 #Pennsylvania: $761.6M
4 #Michigan: $500.5M
5 #Colorado: $475.4M
6 #Indiana: $463.7M
7 #Virginia: $402.6M
8 #TENNESSEE: $365.7M
9 #Iowa: $287.2M
10 #Connecticut: $131.7M— Chris Altruda (@AlTruda73) January 4, 2022
The state collected more than $5.9 million in tax receipts in November. Tennessee has collected more than $36.2 million in taxes from sports betting for the calendar year and close to $41.7 million overall. It was one of 19 states or jurisdictions that set an all-time monthly revenue record in November.
Overall, $365.7 million was wagered in November, 2.6% less than October’s record handle of $375.3 million, with a hold of 10.1%. It was the third time in the last six months the operator win rate was at least 10%, and September narrowly missed being the fourth at 9.95%.
Under the heading of “what a difference a year makes,” the November 2021 handle was far more than double the $130.8 million bet in the opening month of activity a year earlier. There are now eight operators conducting business versus the four that were in action on Day 1.
Photo: Shutterstock
