Tennessee records lowest betting revenue since market launch
Tennessee witnessed a sum of $176.3 million acquired in bets during the month of February this year, the lowest number recorded for an entire month ever since the state launched its regulated market in late 2020.
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 the market launch in November of last year, when revenues amounted to $131.4 million.
Moreover, the numbers that were released by the Tennessee Education Lottery have also unveiled the fact that players won a total of $163.3 million in sports betting, which meant that only $13 million in adjusted gross revenue, and is the lowest figure observed since last November.
The revenue recorded in February was over 40% lower than that of January, and even though the Lottery didn’t release adjusted gross revenue for the months before that, the estimates have shown that they were stable at around $13.2 million recorded in November and around $13.9 million the following month.
Last week, the Tennessee Education Lottery suspended Action 24/7’s licence to operate in the state, and by doing so became the first authority in the United States to annul an operator’s licence. The reason why the operator’s licence was annulled is due to an abundance of suspicious activity on the site, including instances of credit card fraud and proxy betting. There was notably one player who made 184 deposits using seven different cards with none holding his own name. Action 24/7 has since filed a lawsuit.