The Tennessee Education Lottery (TEL), Tennessee’s current sports betting regulator, released stats pertaining to August wagering activity on Monday morning.
Numbers reveal that Tennessee sports bettors were nothing if not consistent during July and August.
Tennessee wagering activity remains consistent
Sports betting saw the summer slumps in July for Tennessee and many other states. And once August came around, wagering activity wasn’t much different.
August welcomed an increase of sporting events as college football season and NFL preseason started up.
As a result, bettors were greeted with a variety of new wagering options, including the option to bet on the Tennessee Titans.
However, many local Tennessee college football teams didn’t start their seasons until September.
The lack of hometown games is likely a big reason why wagering activity failed to rise month over month.
Tennessee sports bettors wagered a total of $144.5 million during the 31 days of August. They also bet the exact same amount in July.
This amounted to a daily average of $4.7 million wagered in the state each month.
Gross payouts, on the other hand, were slightly higher in August, totaling $131.3 million compared to July’s $129.4 million.
This higher player payout resulted in lower sports betting revenue for operators. Sports betting brands took in $10.1 million in adjusted gross income and the state saw a reduced $2 million privilege tax compared to July’s numbers.
Ten months of Tennessee sports betting
Since November, bettors have placed over $1.7 billion in total wagers. Tennessee remains on track to hit $2 billion in wagers within the first year of legalized betting.
To accomplish this, bettors will have to pick up the pace slightly in September and October, placing $150 million in wagers each month.
As far as total gross payouts go, bettors are now over the $1.5 billion threshold. In the 10 months since sports betting’s launch in the state, bettors have managed to pocket just over $1.54 billion in winnings.
In return, operators have accumulated an adjusted gross income of $146 million, leaving the state with $29 million in privilege tax for its 10 months of regulatory efforts.
September welcomes fiery start to football season
September ushers in football season with full force. This should, in turn, mark the start of a new ballgame for Tennessee in terms of betting volume.
Football season is the most popular time of year for wagering. This holds true for enthusiasts and novices alike.
Moreover, this will be the first football season where the schedule is not truncated for Tennessee bettors.
And this year, there are twice the amount of Tennessee online sportsbooks available compared to when betting launched in 2020.
Four Tennessee sportsbooks existed in November 2020, and eight sportsbooks are currently operational in Tennessee.
Barstool Sportsbook made a stealth launch on Sept. 8, becoming the state’s eighth online betting app.
A ninth Tennessee sportsbook will also enter the mix this football season. Social sports betting brand Wagr plans to launch in November, pending its completion of some final regulatory conditions.
With football season in full swing and more apps than ever to choose from, Tennessee sports betting revenue should begin to see quite the uptick.