Bettors in Tennessee laid down a record $551.2 million (£432.5 million/€521.7 million) in bets in October, marking the third time since the market went live that more than $500 million was bet.
Tennessee bettors previously broke the $500 million barrier in September ($520.8 million) and in November 2023 ($520.8 million).
According to figures released by the Tennessee Sports Wagering Council (SWC) yesterday (12 November), adjusted handle was $547.8 million, after $3.4 million in adjustments. The SWC does not indicate on the report what the adjustments are for, nor does it break down bets by operator or sport. The SWC also does not report operator revenue.
Tax revenue hit an all-time high
The report also revealed that operators paid a record $10.1 million in taxes to the state. Since the state launched in November 2020, October marked the first month that tax revenue exceeded $10 million. The next highest tax payment was $9.6 million last month. Tennessee taxes digital sports betting operators at 20%.
Compared to last October, handle increased by $107.4 million. For that month, operators paid $8.2 million in taxes.
There are currently 12 mobile betting platforms live in the state. Tennessee was the first state to legalise digital sports betting only. The state does not allow for brick-and-mortar gambling locations.
Bovada exits Tennessee
In other news, per Legal Sports Report, the SWC revealed on 7 November that off-shore operator Bovada had shut down in the state. The regulator sent Bovada a cease-and-desist letter earlier this year and fined the company $50,000. Tennessee became the 16th US market that Bovada has exited.
“Our licensed sportsbook operators provide important consumer protections not found in the illegal market and the closure of Bovada’s virtual doors in Tennessee is an important step toward the eradication of unlicensed, illegal sportsbooks in Tennessee,” SWC chairman Billy Orgel said in a press release.
