Tennessee sports betting is back in action with a new monthly record after experiencing the summer slumps in July and August.
Come September, Tennesseans fully embraced sports betting by wagering over $257 million, more than any other month thus far.
At this rate, Tennessee is on pace to be the fifth-fastest state to place $2 billion in wagers.
Busy sports calendar leads to betting growth
Betting activity reached a record high this September as multiple sporting seasons got underway.
The Tennessee Titans secured their dominion over the AFC South, and now sit as the betting favorite to win the division.
The Tennessee Vols have also been a consistent conversation piece this season.
MLB betting has no doubt helped spur handle as the regional favorite Atlanta Braves played their way to their first World Series appearance since 1999.
A range of impressive sportsbook promos and new user offers also contributed to this significant rise in wagering. One of the most popular of these was September’s Jerseys for the People promo from Caesars Sportsbook TN. Bettors could snag a $150 NFLshop.com gift card after placing $100 in NFL wagers during the month.
Tennessee bettors set September betting record
This plethora of promotional offers and betting options led to a total of $257.3 million in gross wagers during the month and boosted Tennessee sports betting revenue.
On average, bettors wagered $8.6 million per day in September. This came as a substantial increase from the $4.7 million wagered per day in August.
The state logged its previous top-grossing month back in January, which was $46 million less than this new total.
In the grand scheme of the industry, however, Tennessee’s record-breaking month falls to the middle of the pack. Seven other states welcomed more wagering activity than Tennessee in September.
In return for their wagers, Tennessee bettors reclaimed $231.7 million in gross payouts, leaving sportsbooks with $16.6 million in adjusted gross income.
The state’s 20% cut of that supplied Tennessee with $3.3 million in privilege tax.
One year of wagering in Tennessee
Tennessee could very well see an even higher grossing month this October. College football and NFL seasons were in high gear, and the MLB post-season was underway.
Tennesseans have placed slightly under $1.96 billion in wagers over the course of 11 months.
That puts the state just $40.4 million shy of reaching the $2 billion mark.
With an average of $178.15 million in wagers per month so far, the Volunteer State remains comfortably on track to top $2 billion within the first 12 months. Doing so would crown Tennessee as the 5th-quickest state to achieve this feat.
Since sports betting’s launch last November, sportsbooks have accumulated $162.6 million and deposited $32 million of that to the state as a privilege tax.
The Tennessee Education Lottery will likely announce October’s revenue numbers later this month, revealing the final results of Tennessee’s first year in action.