Tennessee reaches $1bn in lifetime sports bets
The state has become the quickest to reach the milestone.
According to PlayTenn, a prominent source for information about Tennessee sports betting, Tennessee sportsbooks have collected over $1bn in wages since its gambling industry launched last November.
After hitting the $1.1bn mark in just six months, the state has become the quickest legal sports jurisdiction to reach this figure. No other state in US history has reached $1bn quicker.
The state surpassed the billion-dollar total even though it experienced a decline in April as sportsbooks took in $172.4m, which was a 16.3% decline from March’s $205.9m.
But despite the dip in April, Tennessee sportsbooks can boast that they were a month quicker to a billion than New Jersey, which reached $1bilion in seven months.
“With an online-only launch during the NFL season and at the beginning of a month, Tennessee kicked off its sports betting industry under nearly perfect circumstances,” said Nicole Russo, an analyst for PlayTenn.com. “The circumstances gave the state a leg up, but Tennessee has still outperformed its expectations. Few predicted just how quickly the Volunteer State, a state with no legal betting history, has embraced online sports betting.”
Earlier this week, The Sports Wagering Advisory Council said it will replace the Tennessee Education Lottery and oversee the sports betting industry itself.
Officials also announced that new betting operators have applications pending, according to PlayTenn. BetMGM is currently leading the Tennessee market for 2021 but FanDuel and DraftKings are not far off.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
