Tennessee reports robust $131.4 million sports betting handle in November
Tennessee Education Lottery Corporation has confirmed that the Volunteer State recorded a handle of more than $131 million in November, which marked the very first month of the state’s legal sports betting. A handle of $131.4 in the first month of Tennessee’s launch of legal sports betting is a robust as well as encouraging sign for the future of the controversial activity in the southeastern state of the US. The figure is said to be the biggest first-month handle reported by any state since the US Supreme Court ruled against the Professional & Amateur Sports Protection Act (PASPA). The Tennessee Lottery also reported gross payouts of $118.2 million to bettors.
Rebecca Paul Hargrove, the president & chief executive officer of the Tennessee Lottery, noted that the state’s robust performance in November, which includes adjustments and indicate potential, came at a unique time for the world of sports. She stressed that they would keep on working with licensees and registrants to bring about a responsible as well as competitive sports wagering program.
Commenting on November’s stats, Hargrove said, “It is only one month in an unpredictable and extraordinary year, making it difficult to begin extrapolating out from this single month. As this new industry in Tennessee evolves, we will continue to work with licensees and registrants in support of a responsible and competitive sports wagering program.”
Many states adopted sports betting since the Supreme Court ruled on PASP. However, the way Tennessee started it in an immensely different way. While most of the other states first paved way for brick-&-mortar sportsbooks and then started online gambling services, Tennessee remains strictly following the online route only. Some states, such as Indiana, Pennsylvania and Iowa, staggered the opening of retail as well as online gambling activities. Tennessee’s gaming authorities allowed its first four licensed operators to launch online gambling services simultaneously on 1st of November.
The list of gaming license holders in Tennessee includes BetMGM, fanDuel, DraftKings. While many other entities are still waiting for licenses to launch sportsbooks, Action247 is currently enjoying monopoly in the field.
Since the onset of the COVID-19 pandemic, online gambling has been seen as a concrete way to generate much-required funds for the government. Tennessee, which requires sportsbooks to pay a 20 per cent privilege tax off gross gaming revenues, has collected around $2.4 million in sports betting taxes.
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