Records continue to be broken in the state of Tennessee, which saw $375m in bets for the month of October. The final tally was a full $120m higher than September’s handle, which to that point had held the record.
The stratospheric rise has been attributed to two factors: Tennessee residents becoming increasingly comfortable with legalized betting and, more importantly, a highly active sports calendar. October saw the 2021 NFL season come into full stride, the World Series be decided for Tennessee’s neighbor, the Atlanta Braves, as well as the commencement of both the 2021-2022 NBA and NHL seasons.
According to Alec Cunningham, analyst for PlayTenn.com, the times probably will not continue to be so incredibly good: “With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts. The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry.”
Altogether, $375.3m in bets were placed in the month, a 45.9% gain over September's $257.3m. This is according to data released Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council. Breaking down the total handle, bettors in the Volunteer State wagered a daily average of $12.1m (in September this figure came to $8.6m).
Despite the inordinate amount spent on sports betting, gross revenue from gambling fell 9% to $23.3m. Despite the decline, October was still the second most profitable month for sportsbooks in the state’s history.
The record-shattering month put Tennessee’s lifetime sports handle well past the coveted $2bn mark. Now standing at $2.3bn, the state has been the fifth fastest in the Union to reach this milestone.