Sports betting in the state of Tennessee is alive and well, even though the entire industry is mobile-only. Tennessee was able to produce sports betting handle numbers that have never been seen before, and it indicates that this state could eventually become a leader in the US.
Total sports betting handle in November totaled $131.4 million, which was a much higher total than expected. Tennessee is the first state to launch mobile-only sports betting, and it appears that this experiment is working.
Sports betting officially launched on November 1, and there were five online sportsbooks ready to launch at that time. Some of the biggest names in the industry were ready on launch date, which played a large role in producing these huge numbers.
The Tennessee Education Lottery regulates the sports betting industry in the state, and it took this organization a long time to get things up and running. The first week of online sports betting brought in more than $27.4 million in wagers, and the industry did not slow down from that first week.
Setting New Records
Tennessee set a new record in the sports betting industry for the largest total sports betting handle during the first month. The state of Tennessee appeared to launch at the perfect time as sportsbooks were able to take advantage of both the NFL and college football being in action.
It took New Jersey more than four months to produce the kind of numbers that Tennessee was able to produce in the first month, and it took Pennsylvania even longer. Pennsylvania did not record over $131 million in sports betting handle until the 11 months of the industry being live.
Trying to Track Down Industry Leaders
Tennessee might be off to a great start, but the state is still well behind some of the biggest markets in the industry. In the Midwest, Illinois has proved to become a leader, bringing in more than $434 million in sports betting handle during October.
New Jersey is now the clear leader in the sports betting industry, and that market could surpass the $1 billion mark in sports betting handle at some point in 2021. Nevada and Pennsylvania have continued to set new marks as well, and breaking into the top five will be a huge challenge for Tennessee.
Education Seeing Plenty of Money
The education fund will see a majority of the money from sports betting brought in during November. Of the November sports betting funds, 80% will be transferred directly into the Tennessee Education Lottery account.
Fifteen percent of the funds will be put into the general fund, and local governments will be allowed to spend the money however they please. The Department of Mental Health and Substance Abuse Services will receive the other five percent of the funds, and that program will focus on treatment for those with gambling problems.