Tuesday, Nov. 1, marks two years since legal mobile sports betting began operating in Tennessee. The state’s sports betting market has enjoyed an eventful two years, with major operators entering the market, changing regulatory bodies and surpassing the £5bn mark.
When mobile sports betting platforms first appeared in the state, the state lottery regulated sports betting. That changed in 2022. January 1, when the Sports Betting Advisory Council (SWAC) took over.
Mary Beth Thomas, SWAC’s executive director, started in 2021. November 1 Although she only had a few months to prepare the organization to take over as the state’s sports betting regulator, Thomas is comfortable with where SWAC is.
“I think we’ve found our regulatory groove so to speak – and things are running smoothly,” Thomas said Sports handle in August.
A new record month of earnings
SWAC reported a single-month gross of $46.3 million. It was the first time that the gross revenue of the state’s operators exceeded 40 million in one month.
“We’ve definitely seen an uptick since football season started, and business is booming in Tennessee,” Thomas said at a recent SWAC meeting.
Since the launch of mobile sports betting in Tennessee in 2020. in November, bettors bet 5.6 billion. USD. Gross gaming revenue exceeds $500 million. $435 million in adjusted gaming revenue. USD.
Tennessee received $87.6 million. USD of tax revenue from sports betting, which does not yet include 2022. October month.
GGR WR: 9.12%
AGR WR: 7.78%
— Chris Altruda (@AlTruda73) in 2022 October 19
The state’s mobile-only sports betting system appears to be financially viable. And while some customers prefer to bet at physical sportsbooks in some states, mobile sportsbooks provide easy access to a variety of bookmakers.
Customers in Tennessee can choose from several well-known sportsbooks, including BetMGM, Caesars Sportsbook, DraftKings and FanDuel. Barstool Sportsbook, Betly Sportsbook, Hard Rock Sportsbook, SuperBook Sports, Tennessee Action 24/7, Wagr and WynnBET also operate in the state, giving customers plenty of options.
“I think the states that have online and retail sports betting, most of the betting is online, at least from what I’ve heard from regulators in other states,” Thomas said. “Tennessees seem to really like online sports betting.”
So what does the future hold for Tennessee sports betting? Probably more of the same. The state’s online betting market appears to be satisfying customers, with financial numbers impressing during the football season.
“I think our state offers a safe environment for players to have fun playing sports, and I think the numbers will continue to grow,” Thomas said.
Soccer is the most popular betting sport in the US, and it certainly doesn’t hurt that the state’s teams are thriving. The Tennessee Volunteers are the No. 2 ranked team in college football, and they will face No. 1 Georgia this weekend in a game that is sure to interest in-state bettors. The Tennessee Titans are currently 5-2 in the AFC South and have made the playoffs each of the past three seasons.
Adding retail sports betting doesn’t appear to be a priority for the state, but other mobile carriers are expected to eventually enter the Tennessee market.
Fubo Sportsbook planned to enter the market, although it was recently announced that FuboTV had ended its sports betting operations. Bally Bet and ZenSports are among other operators set to enter the state’s sports betting market in the near future.