The Tennessee Education Lottery and Wagering Advisory Council has released data confirming that the state’s sportsbooks have achieved a new record for total revenue in November.
PlayTenn, the firm that tracks the state’s sports betting market, noted that the upwards trajectory is sustainable, given that this is the third successive month of record-breaking revenues.
“Even with one fewer football weekend than in October, wagering grew, a sign that the wave of action over the last three months is sustainable beyond football season,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com.
“Sportsbooks continue to expand their reach to new customers, and bettors are becoming increasingly comfortable with more diverse forms of betting. It is difficult to imagine a better season than the one that Tennessee sportsbooks have enjoyed.”
Total revenue across the Volunteer State’s sportsbooks reached $36.9m, surpassing October’s total by 169% and shattering the record of $25.6m record from September.
Despite this, total wagering dropped from $375.3m in October to $365.7m in November, attributable to one less sporting weekend during the month.
However, the average volume grew to $12.2m per day over the 30 days of November from $12.1m per day over the 31 days of October.
Finally, total tax revenue increased to $29.6m, generating a record-breaking $5.9m in tax revenue for the state.
“Most states that have legalised and regulated sports betting have undoubtedly done so with additional tax revenue as the main carrot,” said Alec Cunningham, an analyst for PlayTenn.com.
“Tennessee regulators made some missteps during their first year on the job, but ensuring that the state gets a fair share has not been one of them. They have set up a relatively balanced structure that has created a dependable revenue source without hamstringing operators.”