Tennessee sports betting records $5.1m in wagers on opening day

DraftKings, FanDuel and BetMGM, together with the state’s local Tennessee Action 24/7, reported $5.1m in bets on the opening day of Tennessee’s sports betting launch on 1 November.

For the first week, the Tennessee Education Lottery recorded $27m in total handle. Each sportsbook earned around $800,000 in revenue on the first day and $2.5m for November 1-8.

Sports betting was written into law in the state in 2019, with sportsbooks required to hold 10% of the wagers they receive; the industry average ranges between 5-7%.

So far, sportsbooks have held their own against offshore sites and unregulated bookies.

According to Action Network, the three big brands reportedly spent heavily on promotions, offering generous sign-up bonuses for players.

The launch of sports betting coincided with numerous sporting events taking place in the state.

NFL wagers comprised 60% of total football bets, while college football made up 40%.

The Tennessee Education Lottery stated there will be a total of seven sportsbooks in the state by the end of 2020.

BetAmerica, William Hill and WynnBet are predicted to enter the market in the coming months.

A number of states have recently published financial figures, including Massachusetts for its casino industry and Illiinois, also for sports wagering.

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