Tennessee sees new pioneers rising as state recovers
The state saw its first decrease month-on-month back in February as it reported its recovery last month when bettors in the state placed $205.9 million in bets, a 16.8%...
Online sports betting declines in Tennessee
Online sports bets in Tennessee totaled 378.2m dollars in February. The state’s online sports betting turnover declined for the third month in a row.
This month’s total was 15.6 percent more than the corresponding month the previous year, although it was 18.8 percent less than the record of 465.8m dollars in January.
The total bets placed for February was 380.4m dollars after adjustments of 2.2m dollars were taken into consideration. By comparison, this was a 16.2 percent rise from February of the prior year. On the other hand, Tennessee’s online betting turnover fell by 18.6 percent month over month.
Tax revenue from bets, collected throughout the month was seven million dollars. This was 18.6 percent less than the tax collected in January, which was 8.6m dollars, but it was 9.4 percent more than that of February of last year.
The regulatory framework and licensing requirements of online sports gambling in Tennessee is overseen by the Tennessee Sports Wagering Council, which withheld its income figures for the month.
November of 2020 saw the opening of Tennessee’s regulated igaming industry, with prominent operators such as DraftKings, FanDuel, and BetMGM operating on the first day. Subsequently, the marketplace has expanded, attracting new players. In September of 2022, Hard Rock entered the sector alongside its 3 Hard Rock Cafés located around the state. Since August of last year, Caesars Sportsbook has operated in Tennessee in conjunction with the NBA franchise Memphis Grizzlies.
Tennessee records lowest betting revenue since market launch
The amount recorded in February displayed a massive 16.6% decrease from the number seen in January of 2021, worth $211.3 million, and is now the lowest amount displayed since...
