Mobile and online sportsbooks in Tennessee made a record $36.9 million in gross revenue in November 2021 and nearly tripled year-to-year, according to data from the state’s new regulator, the Sports Wagering Advisory Council (SWAC), and its predecessor, the Tennessee Education Lottery (TEL) Corporation.
SWAC assumed regulatory authority for the state’s sports betting industry from the TEL on January 1.
Data from both agencies show bettors placed $365.7 million in wagers in November, falling just short of October’s record $375.3 million handle. Gross payouts totaled $328.8 million in November, down from $352 million the month prior.
November’s record for gross revenue eclipsed the previous high of $25.6 million set in September. Revenue had topped the $20 million mark on two other occasions, in January and October of 2021, at $20.9 million and $23.3 million, respectively.
Wagers have totaled nearly $2.4 billion in 2021, with only December left to add to the total. That number will likely exceed $2.5 billion, considering the last three consecutive months have all had handles of $250 million or more.
Gross payouts also have a chance to hit $2.5 billion in 2021, although that’s less likely — payouts are currently just under $2.2 billion for the calendar year, but the average over the last three months is about $304 million. If December just met that average, payouts would fall short of the $2.5 billion mark.
December is likely to be a big month for sports betting, with a full month of college basketball, as well as NFL, NHL, and NBA action, although COVID-19 has forced the postponement of many matches.
To date, gross revenue is $215.2 million for 2021, while tax revenue totals $36 million.
The market has generated a $2.7 billion handle since its inception in November 2020. Payouts have totaled nearly $2.5 billion, gross revenue stands at $242.3 million and the state has put $41.4 million into its coffers.
Transition Discussed at Meeting
SWAC held its second official committee meeting on Thursday. The agenda shows the council was to discuss registering Angstrom Sports — a London-based sports forecasting and analytics firm — as a vendor. Angstrom would provide live odds advice to sportsbooks, improving the accuracy and experience of live in-game betting. A status update on pending license and renewal applications was also scheduled to be discussed.
Keith Boring, Deputy Director of Administration and Chief of Staff for SWAC, told US Gaming Review that the meeting was also used as an opportunity to discuss the regulatory transition from TEL.
There are currently 22 suppliers registered with SWAC, while an additional 184 firms are listed as approved vendors. Suppliers include industry heavyweights such as Genius Sports, GeoComply Solutions, IGT, Kambi, SG Gaming, and Sportradar Solutions.
Eight sportsbooks are currently live in Tennessee:
- Action 24/7
- Barstool Sports
- BetMGM
- Caesars Sportsbook
- DraftKings
- FanDuel
- TwinSpires
- WynnBET
A ninth book, Wagr, has been given regulatory approval but has not yet launched. Five additional sportsbooks are currently pending, awaiting regulatory approval.
Many of the sportsbooks have already formed partnerships with professional sports teams in the state. BetMGM Sportsbook TN is partnered with the NFL’s Tennessee Titans, while FanDuel Sportsbook TN has teamed up with the NBA’s Memphis Grizzlies. DraftKings Sportsbook TN and the NHL’s Nashville Predators have also joined forces as official sports betting partners.
