Football fuels record breaking month for Tennessee sportsbooks
State broke the previous record by almost $50m as PlayTenn predicts future growth.
Tennessee has today released the state’s sports betting numbers for the month of September, revealing a record $257m in bets. This breaks the state’s previous record by almost $50m, and according to PlayTenn analysts reflects a state with room to grow.
This 78% month-on-month growth in sports bets has been fueled by the return of the NFL, and saw Tennessee bettors place $8.6m in wagers per day, almost double that of August.
“As impressive as September was, the Tennessee sports betting market has not nearly reached its potential,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Baseball’s postseason and the return of the NBA, coupled with a full month of the NFL, should move Tennessee forward again. The records will continue to fall over the next few months.”
Gross revenue also broke new ground. Sportsbooks took on a total of $25.6m, up 93% from the previous month and beating out the old record set in January. $16.6m of this revenue is taxable by the state, raising $3.3m for the region.
Nico Russo, a PlayTenn analyst, highlighted the importance of football, they said: “Football is unique in the way it motivates bettors, and sportsbooks got a little help with decent starts in September by the Titans and Volunteers. With local interest in the Atlanta Braves and the start of the Grizzlies season adding to the mix, October should push sportsbooks to yet another level.
“It’s remarkable how well Tennessee has performed, and it has even more potential,” Russo continued.
“Removing the hold requirement would spur competition among operators. And savvy customers who shop for the best odds and promotions would benefit most. That would help grow the market over the long term.”
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