Tennessee sports betting market charges out of the gate

Tennessee’s online-only sports betting market proved a winner in its first full month of operations, while FanDuel plants its retail sportsbook flag in Atlantic City. 

Figures released Wednesday by the Tennessee Education Lottery (TEL) showed that the state’s four sports betting licensees – BetMGM, DraftKings, FanDuel and local outfit Action 24/7 – generated combined wagering handle of $131.4m in November. Betting revenue totaled $13.2m, of which the state’s share came to slightly less than $2.4m.

The numbers represent best-ever results for any US state’s first month of legal wagering, a feat likely aided by this season’s surprisingly good showing by the NFL’s Tennessee Titans. Tennessee is home to only around 7m individuals, making the state’s first month numbers all the more impressive. 

But TEL CEO Rebecca Paul Hargrove urged caution, noting that November was “only one month in an unpredictable and extraordinary year, making it difficult to begin extrapolating out from this single month.”