PlayTenn.com: Football pushes sports betting to fresh record in September

A record $257 million in bets poured into Tennessee sportsbooks in September, as a full month of college football and the return of the NFL spurred bettors. The new highwater mark is indicative of a market that still has plenty of room for growth, according to PlayTenn, which tracks the Tennessee gaming market.

“As impressive as September was, the Tennessee sports betting market has not nearly reached its potential,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayTenn.com. “Baseball’s postseason and the return of the NBA, coupled with a full month of the NFL, should move Tennessee forward again. The records will continue to fall over the next few months.”

Sportsbooks accepted $257.3 million in bets in September, up 78.1% from $144.5 million, according to official data released Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council. Bettors placed $8.6 million in wagers per day over the 30 days of September, up from $4.7 million per day over the 31 days of August.

The handle topped the state’s previous high of $211.3 million wagered in January, and marked just the third time since Tennessee launched sports betting in November 2020 that betting surpassed $200 million in a month.

Gross revenue set a record, too. Sportsbooks won $25.6 million in September, up 93.9% from $13.2 million in August, topping the record $20.9 million in revenue gained in January. The win led to $16.6 million in taxable revenue, which yielded $3.3 million in tax revenue.

The return of football was the key to Tennessee’s surge.

“Football is unique in the way it motivates bettors, and sportsbooks got a little help with decent starts in September by the Titans and Volunteers,” said Nicole Russo, analyst for PlayTenn.com. “With local interest in the Atlanta Braves and the start of the Grizzlies season adding to the mix, October should push sportsbooks to yet another level.”

At 9.9% in September, the combined hold for Tennessee’s sportsbooks still hovered near the 10% threshold required by Tennessee regulations. That rule, among others, is still being reviewed by the Tennessee Sports Wagering Advisory Council.

Operators have been outspoken in their concern for the rule, which is unprecedented among U.S. legal sports betting markets.

“It’s remarkable how well Tennessee has performed, and it has even more potential,” Russo said. “Removing the hold requirement would spur competition among operators. And savvy customers who shop for the best odds and promotions would benefit most. That would help grow the market over the long term.”