Tennessee’s Sports Wagering Advisory Council reported a monthly sports betting handle of $405.3 million in October. The sports calendar in the Volunteer State has high hopes as the state’s college football program is ranked fifth in the AP Top 10.
Tennessee Remains as a Sports Wagering Market Powerhouse
Tennessee only offers mobile sports betting to those who reside in the state. Many visitors cross state lines to make wagers, as states like Georgia don’t offer any form of sports wagering. Tennessee cleared $400 million in handle for the first time, and the Volunteers played a key role.
Tennessee was able to escape with a close victory against the Alabama Crimson Tide, which remains a powerhouse. The Volunteers struggled against the Georgia Bulldogs but regained their momentum as they blew out the Missouri Tigers 66-24.
The Vols have two games left on the regular season schedule. As long as Georgia is in contention for one of the four spots in the College Football Playoff come January, it will continue to attract attention.
The mobile sportsbooks that operate in the state combined to register $37.3 million in gross revenue due to a solid hold of 9.2 percent. Despite an increase in the handle of 20.3 percent, September’s revenue was 19.4% lower than the all-time record of $46.3 million, and the win rate dropped over 4.5 percentage points.
The state collected nearly $7 million after deducting nearly $2.5 million in deductions from $34.8 million. With one standard tax rate, the state is just $380,000 short of reaching the $50 million tax receipt mark for the calendar year.
Tennessee Will Keep Doing Better Than Some Major Markets
Tennessee is one of the states that had a positive October 2022 when compared to its year-over-year figures. Iowa and Indiana saw declines compared to last year as Indiana’s football teams have struggled to start the season.
The Tennessee Volunteers and the Titans are showcasing winning seasons, while the Indiana Hoosiers and the Colts have been struggling to get anything going. In addition, Tennessee became the 10th state to surpass $6 billion in all-time handle with the increase.
For the most part, operators in the state have maintained a win rate of 9.5 percent throughout the year. This is more than two percent higher than the industry’s national average. The Council doesn’t break down the numbers for each operator or by sport.
What’s Next for the Market?
The market will continue to add more sportsbooks going into 2023. The Volunteer State has been a destination for those crossing state lines because visitors don’t have to be at a gaming facility to place wagers on their phones.
Georgia’s legislative session will begin at the start of early next year. Sports betting will certainly be at the top of the list as the professional franchises in the state have supported bills that would bring sports betting to the state. Once again, if it doesn’t pass, Tennessee will have more visitors in the future.
