More sports betting apps are in the pipeline in Tennessee.
On Friday, the Tennessee Education Lottery signed off on William Hill and WynnBET for launch in the coming weeks. Churchill Downs and its TwinSpires-branded betting app (previously BetAmerica) were also approved in January but haven’t hit cyberspace.
There are just four online/mobile sportsbooks currently in operation in Tennessee.
It will remain four for the upcoming Super Bowl.
By the end of February, Tennessee could have seven fully operational online/mobile sportsbooks. The number should continue to grow through 2021 as some of the biggest brands in the business look to launch in the Volunteer State.
Handle set to grow in coming months
More books means greater handle, though the sports betting busy season is close to wrapping up. Football is the most popular sport for betting, but basketball isn’t too far behind. March is of course a huge month for basketball, and the books will have a nice consolation prize after missing the Super Bowl.
Tennessee sports betting kicked off on Nov. 1, and during November and December the sportsbooks handled at least $312,344,523 in wagers, winning at least $27,124,908 from players. The hold was nearly 8.7% from the first two months, according to state figures.
The November handle was made public down to the dollar, while the December handle was only released as $180,900,000.
The December handle was up about 37% over November.
Handle growth in January is expected, but it could be a bit less in terms of a month-over-month percentage, due to the winding down of football.
No breakdown by operator
The Tennessee Education Lottery, the state’s sports betting regulator, hasn’t released any information by operator, so it’s unclear exactly how the competition is stacking up in Tennessee ahead of the launch of the three additional sportsbooks.
DraftKings, FanDuel, and BetMGM are more than likely market leaders, with TN Action247, a local bookmaker, likely in a distant fourth in terms of the amount of handle taken. It’s unclear if the TEL will release figures by operator in the future.
In other states, DraftKings and FanDuel have enjoyed quick starts and market leads due to being popular brands in the daily fantasy sports industry, a precursor to legal and regulated traditional sports betting.
William Hill, WynnBET, and TwinSpires will lag behind for the foreseeable future, but should quickly overtake TN Action247 due to having brands that aren’t only confined to the state of Tennessee.
