Sports betting continues to boom in Tennessee as Sportsbooks in the Volunteer state recorded revenue of over $40 million in November. This marks the highest recorded for the state, according to PlayTenn.
The average volume grew to $12.2 million per day in November from $12.1 million per day in October. The increase in volume broke records as the gross revenue grew 179% to $36.9 million in November from $13.2 million in November 2020, shattering September’s record of $25.6 million along the way.
“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,” says Eric Ramsey, an analyst for the PlayUSA.com Network in a press release. “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.”
Wagering fell to $365.7 million in bets in November, falling short of the record $375.3 million in bets reached in October, according to data from the Tennessee Education Lottery and Sports Wagering Advisory Council. However, November’s bets were up 178% from the $131.4 million in bets that Sportsbooks took in November 2020.
This was the third straight month the state hit revenue records. The state also created $6 million in taxes.