Tennessee Sports Betting Handle January 2021
By
Mar 1, 2021
The Tennessee Lottery released January’s Tennessee sports betting handle Monday afternoon. For a third straight month, the Volunteer State reported a $211.3 million betting handle to start 2021, a 16.8% increase from December.
Even with only four sportsbooks to choose from, Tennessee’s online-only platform has been a huge success through its first three months. Betting revenue from the first month of the year shot up 56.3% up to $21.8 million – compared to $13.9 million at the end of 2020. Tennessee also collected $4.3 million in taxes, up 39.6% month-to-month.
With the big month from the Volunteer State, it pushes the state’s sports betting handle over $500 million in its first three months. Tennessee should see over $50 million in revenue once February betting numbers come in.
The news comes just days after the Tennessee Lottery shut down 74 sports betting accounts due to illegal gambling on Super Bowl LV. Tennessee law enforcement continues to look into those accounts. The state saw $15.5 million wagered on the Super Bowl, which was the first time legal sports betting was legal in Tennessee for the game.
The Tennessee Lottery did not provide further information on how sportsbooks did or which sports were betting the most in January.
Tennessee Sports Betting Has More Sportsbooks Coming
Tennessee will be adding competition in the state with WynnBet, and William Hill approved to launch. The two betting operators will compete with DraftKings, FanDuel, BetMGM, and Tennessee Action 24/7.
Adding two sportsbooks to the state will be interesting to watch to see how it adds to the Tennessee sports betting industry and capture a share of the pie.
The state should see a big boost from William Hill and WynnBet, especially if they can launch their sportsbooks in time for the March Madness tournament tipping off this month. The Super Bowl most likely brought a boost to February numbers, and now more competition could do the same in March.