Indiana may very well serve as an apt comparison for Tennessee, as the states have similar-sized populations. As new competitors come on board and more Tennessee sports fans become engaged, it’s likely Tennessee will post numbers similar to Indiana in the months ahead.<\/p>\n
The Tennessee Lottery did not break down, like several other states, how each sportsbook performed. So, for now, there is no way to tell who is the top performer. Nor can anyone gauge how upstart Action247 fared against its bigger name competitors.<\/p>\n
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Similarly, there\u2019s also no way to tell if each of the sportsbooks met the 10 percent hold requirement lottery officials implemented as part of its sports betting regulations. As a whole, sportsbooks took in revenues of $13.2 million. That equates to a margin of 10.1 percent.<\/p>\n<\/div>\n
Yet, the state reported tax revenue of nearly $2.4 million. Tennessee requires sportsbooks to pay a 20 percent privilege tax off gross revenues. Based on those calculations, gross revenues for the sportsbooks would equal about $11.8 million.<\/p>\n
Some in the industry have expressed concern about such a requirement. Typically, margins for most sportsbooks are less than that.<\/p>\n
Consider Indiana, again. While its sportsbooks also reported a 10.1 percent hold in November, the hold for the calendar year-to-date is just 7.9 percent. The only other times in Indiana\u2019s history when taxable AGR exceeded 10 percent was in September and October 2019. Those are also the first two months of legal sports betting in Indiana, and before several online operators opened there.<\/p>\n
Per Tennessee sports betting regulations, sportsbooks that fail to hit the 10 percent threshold face fines of us to $25,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
The numbers are in, and Tennessee sports betting enjoyed a strong showing in its first month of operation. On Wednesday, the Tennessee Education Lottery announced more than $131.4 million was wagered in November. That figure is considered the largest first-month handle by any state since the US Supreme Court ruled on the Professional and Amateur […]<\/p>\n","protected":false},"author":45,"featured_media":159657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,1074],"tags":[],"acf":[],"yoast_head":"\n
Tennessee Posts $131.4M Handle in Inaugural Month for Sports Betting<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n