Tennessee Sports Betting Market Saw $27M in Handle in 1st Week
In its first full week the Tennessee sports betting market, with four sportsbooks live, registered just over $27.4 million in total handle.
The Tennessee Education Lottery (TEL) Sports Wagering Advisory Council said Monday that $23.9 million was paid out from Nov. 1-8 and the state saw $509,000 in total tax revenue.
The first day in Tennessee — Nov. 1, a Sunday — had $5.1 million in handle, $3.4 million in payout and $349,000 in tax revenue, according to the TEL committee. All four current operators — BetMGM, DraftKings, FanDuel and Nashville-based Action 247 — reported record first-day handles in Tennessee.
The three operators that are live in other states said they saw more handle the first day in Tennessee that they did for the launches of their betting platforms in other jurisdictions.
“Our Tennessee launch went incredibly well,” Elisa Richardson, spokeswoman for BetMGM, said in an email the day after the launch. “It was our biggest new player signup day ever.”
DraftKings didn’t provide numbers from the launch but said it was “an exciting weekend.” FanDuel noted that the Tennessee Titans were the most-bet on NFL team in handle and in the number of wagers.
Three More Operators on the Way
Three more operators were confirmed on Monday as going through the approval process with the Tennessee Lottery — BetAmerica from Churchill Downs, William Hill and WynnBET. They are currently being vetted and the lottery hopes to have all background checks and approvals by the end of the 2020.
”We have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia,” Matt Maddox, CEO of Wynn Resorts Limited, said in a news release about his company’s third-quarter earnings.
When Tennessee launched the first online-only sports betting market on Sunday, it became the 19th state to offer sports betting.
A meeting of the TEL board is scheduled for Tuesday.
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