Tennessee’s sportsbooks posted their best month ever in November, setting a fresh record for revenue with nearly $40m as the average daily volume of sports betting rose from October’s record.
However, wagering fell to $365.7m in bets in November, falling short of the record $375.3m in bets reached in October, according to data acquired by PlayTenn from the Tennessee Education Lottery and Sports Wagering Advisory Council. Despite the fall, average volume grew to $12.2m per day over the 30 days of November from $12.1m per day over the 31 days of October.
Year-over-year, November’s bets were up 178% from the $131.4m in bets that sportsbooks took in November 2020, which was Tennessee’s first month of sports betting.
The increase in volume led to a record win for sportsbooks, too. Gross revenue grew 179% to $36.9m in November from $13.2m in November 2020. This blew past September’s record of $25.6m along the way.
The last three months have been especially lucrative for Tennessee and the US as a whole. Sportsbooks have produced $85.8m in gross revenue on $998.3bn in wagers, which has yielded $12.6m in tax revenue for the state over the last three months.
Once again, sports played a vital role in the high numbers. Football has been the driving force in the recent growth spurt. But the first full month of the NBA was key in helping sportsbooks keep up a torrid pace in November, which had four weekends of football games compared with five in October.
