Tennessee breaks Indiana’s sports betting record
In its first month, Tennessee scored a huge $131 million in wagers, breaking the previous record held by Indiana, which stood at a mere $32 million.
A report published by the Tennessee Education Lottery (TEL) showed that Tennesseans bet over $27 million only within the first eight days of sports betting being launched, with $5 million being raked in during the first day alone. The launch came at the perfect time- the middle of the NFL season, causing a significantly high number of bets wagered.
Furthermore, the Tennessee Titans NFL match against the Cincinnati Bengals was scheduled for the 1st of November, which became another huge reason as to why $5 million were recorded during the first day. At that time, Tennesseans were confident in supporting their state team, which ultimately ended with a colossal spike in betting.
Rebecca Paul Hargrove, president and CEO for TEL, stated:
“Our first month of sports wagering in Tennessee comes at a unique time in the world, let alone the sports world. November’s figures include adjustments and indicate potential. It is only one month in an unpredictable and extraordinary year, making it difficult to begin extrapolating out from this single month. In our role as the regulator of this industry we are focused on establishing and supporting a responsible and competitive sports wagering program in Tennessee.”
The one-month total revenue was predicted to amount to approximately $101 million but bettors exceeded that amount as $131million was wagered, resulting in $13 million in revenue for sportsbook.
The state will also acquire $2.4 million due to the 20% gross revenue tax that is forced on its operators, which is set to be divided as follows:
Lottery for Education Account – 80%
Tennessee General Fund – 15%
Department of Mental Health and Substance Abuse Services – 5%
“These numbers are encouraging as we work to protect the consumer, promote fairness in sports and regulate this new Tennessee industry that provides critical funds for education, as well as local governments and problem gambling services.” Added Hargrove.