Tennessee Sports Betting Booming
Tennessee Sports Betting Booming
Since 2018 when the US Supreme Court struck down the PASPA, every state has had the right to legalize online sports betting. Every state has different demographics and public wants, so there has been a steady stream of states taking this initiative rather than a rush.
Tennessee was one of the later states to pass the necessary legislation to bring online sportsbooks into its borders, and when it did so in 2020, it only managed to do so in November. This meant it missed the crucial window of the start of the NFL season, where there is a steady stream of games and lots of excited bettors. It’s one of the best periods of the season.
This year, there were no such issues, and Tennessee handled more bets than ever before in September 2021. In this BestAppBet article, we will take a deep dive into the numbers to see the real story behind the figures.
Tennessee Sports Betting Numbers
This was the best betting month in Tennessee in its short time taking wagers, as the state handled $257.3 million bets in the month. The previous best it had managed was $211.3 million in January. It was only the third time that the state has handled more than $200 million in a month.
These numbers may seem impressive in isolation, but they stand equally as excellent compared to other national numbers. Tennessee’s betting amount handled in September was the 8th most by any state in the country. Some states are still to declare, but it is an impressive statistic for a state that has only had legal betting for 11 months.
Tennessee managed to keep 9.9% of the hold in revenue which amounted to $25.6 million. This revenue figure is very high when compared to other states such as Colorado. The hold in Colorado was only 5.5%, meaning that despite the handle being $408.3 million, the state only held $22.7 million in revenue.
This may be due to Tennessee’s strict regulations, which require its sportsbooks to strive for a 10% annual hold. If they fail, the state fines them, although some would argue the fines on sportsbooks for breaches are too small. It’s hard to argue with the positive numbers as the state outperforms others in revenue taken in such a huge month.
The Impact of NFL Betting
When breaking down the numbers, it is clear that NFL sports betting has accounted for a significant increase in state wagering. The college football season that started in August did not actually boost betting numbers in the state at all, so Tennessee’s August and July handles were very similar.
September betting, when the NFL started, marked a 78% increase in betting handle. As no other major sports seasons are starting simultaneously, we can assume the NFL was the primary factor behind this boost in the NFL season.
Why is NFL Betting so Popular?
Can sportsbooks expect to see this kind of bump at the start of every major sports league season, or is NFL betting particularly popular in Tennessee? Well, the Tennessee Titans have started the season, and the good feeling from the season could be encouraging more people to place bets.
In addition, the NFL has emphasized sports betting this season more than ever before. Moneylines and other odds are being integrated into the analysis of games on national TV, and many stadiums around the country have developed land-based sportsbooks where customers can play. Tennessee is not the only state that has seen growth in sports wagers on the NFL over September. States like New Jersey also hit record-breaking numbers, with New Jersey’s handle hitting $1.01 billion over September. A huge portion of this came from NFL bets. It is clear that these marketing tactics are working and directly correlating to more bets handled.
Legal Tennessee Sports Betting
If you are in Tennessee and are looking to get involved with sports betting, BestAppBet has all the information to get you started. Click here to check the top sportsbooks you can download in Tennessee to bet on the NFL and your other favorite sports.
Download one of the sportsbooks reviewed at BestAppBet, and be sure to use our link to claim exclusive offers! Once you’ve done that, you can enjoy legal betting in Tennessee.
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