As the NFL nears the halfway point of its season and college football nears its bowl season, Tennessee sportsbooks continue to rake in a high volume of sports wagers.
According to the Tennessee Education Lottery, Tennessee brought in a record $375.3 million in bets placed during October, shattering the previous record set in September by more than $120 million.
The 45.9 percent spike in wagers place is credited to the sports-heavy time of year that includes an overlap of the NFL, college football, NBA, NHL and MLS seasons. An average of $12.1 million in bets were placed each day, eclipsing the $8.6 million in bets per day in September.
Nearly $17.2 million in taxable revenue was generated in October — also a Tennessee record — from which, $3.4 million in taxes was generated for the state.
“With five full weekends of the NFL and college football, baseball’s postseason, and the start of the NBA season, betting inventory was off the charts,” PlayTenn.com betting analyst Alec Cunningham said. “The calendar won’t always be so cooperative, but a maturing market will continue to push Tennessee’s industry.”
Despite the surge in bets placed, gross revenue dropped nine percent from $25.6 million in September to $23.3 million in October. However, it was still the second-most profitable month for sportsbooks, and just the third month with more than $20 million in revenue generated.
Tennessee, which is the lone online-only sports betting market in the U.S., has eight approved sports books: DraftKings, FanDuel, BetMGM, Caesars Sportsbook, WynnBet, Bartsoool Sportsbook, TwinSpires and Action 24/7.
To date, $2.34 billion in sports wagers have been placed in Tennessee with $205.5 million in sportsbook revenue generated and $35.54 million in tax dollars raised for the state.
Tennessee became the fifth-fastest state to reach the $2 billion mark in sports wagers placed.
Follow Michael Gallagher on Twitter @MGsports_