{"id":47202,"date":"2021-02-24T08:44:00","date_gmt":"2021-02-24T08:44:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2021\/02\/24\/tennessee-becomes-quickest-in-u-s-to-enjoy-first-200-million-sports-betting-month-according-to-playtenn\/"},"modified":"2021-02-24T08:44:00","modified_gmt":"2021-02-24T08:44:00","slug":"tennessee-becomes-quickest-in-u-s-to-enjoy-first-200-million-sports-betting-month-according-to-playtenn","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2021\/02\/24\/tennessee-becomes-quickest-in-u-s-to-enjoy-first-200-million-sports-betting-month-according-to-playtenn\/","title":{"rendered":"Tennessee Becomes Quickest in U.S. to Enjoy First $200 Million Sports Betting Month, According to PlayTenn"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">LAS VEGAS<\/span>, <span class=\"xn-chron\">Feb. 24, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Tennessee&#8217;s online sportsbooks hit a fresh high in January, becoming just the seventh state to generate more than <span class=\"xn-money\">$200 million<\/span> in sports bets in a single month while extending its record launch to three months, according to analysts from <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3077406-1&amp;h=1133768700&amp;u=http%3A%2F%2Fwww.playtenn.com%2F&amp;a=PlayTenn\" rel=\"nofollow\">PlayTenn<\/a>, which offers news and analysis of the fledgling <span class=\"xn-location\">Tennessee<\/span> gaming market. <\/p>\n<p>&#8220;<span class=\"xn-location\">Tennessee<\/span> continues to be among the most surprising ascents of any U.S. sports betting market,&#8221; said <span class=\"xn-person\">Jessica Welman<\/span>, analyst for PlayTenn.com. &#8220;The records won&#8217;t last, as <span class=\"xn-location\">Michigan<\/span> already proved by snapping <span class=\"xn-location\">Tennessee&#8217;s<\/span> record for a debut month. But the industry is off to a better start in the Volunteer State that anyone could have expected.&#8221; <\/p>\n<p>Bettors placed <span class=\"xn-money\">$211 million<\/span> in wagers in January, according to official data released Tuesday evening by The Tennessee Education Lottery. That is up 16.6% from <span class=\"xn-money\">$180.9 million<\/span> in wagers in December. Those wagers produced a record <span class=\"xn-money\">$21.8 million<\/span> in the operator revenue, up 56.8% from <span class=\"xn-money\">$13.9 million<\/span> in December, which in turn generated <span class=\"xn-money\">$4.3 million<\/span> in state taxes.<\/p>\n<p><span class=\"xn-location\">Tennessee&#8217;s<\/span> pace remains historic through three months. January&#8217;s results pushed lifetime gross sports betting revenue to <span class=\"xn-money\">$49 million<\/span> and wagers to <span class=\"xn-money\">$523 million<\/span>, topping <span class=\"xn-location\">Indiana&#8217;s<\/span> <span class=\"xn-money\">$274.2 million<\/span>, which was the previous record for a market&#8217;s first three months. The momentum should continue. Volunteer State bettors showed significant interest in February&#8217;s Super Bowl, wagering more than <span class=\"xn-money\">$15 million<\/span> on the big game, producing a &#8220;win&#8221; of nearly <span class=\"xn-money\">$3 million<\/span>, according to unofficial preliminary data released by the TEL. <\/p>\n<p>Interestingly, the unexpected <span class=\"xn-location\">Kansas City<\/span> loss helped sportsbooks easily attain a 20% hold for the event, which should help them meet the 10% overall hold requirement in February.<\/p>\n<p>But <span class=\"xn-location\">Tennessee&#8217;s<\/span> market faces its first headwinds, too. Most notably, <span class=\"xn-location\">Virginia<\/span> launched online sports betting in January, the first of <span class=\"xn-location\">Tennessee&#8217;s<\/span> neighbors to do so. <\/p>\n<p>&#8220;The near-perfect conditions <span class=\"xn-location\">Tennessee<\/span> enjoyed in its first two months were never going to last forever, but continued growth even as competition rises remains encouraging,&#8221; said <span class=\"xn-person\">Dustin Gouker<\/span>, analyst for PlayTenn.com. &#8220;It&#8217;s early, but it appears that the market has plenty of room for growth, even if more nearby states regulate sports betting themselves.&#8221; <\/p>\n<p>The TEL does not report results from individual sportsbooks, but it appears that BetMGM is faring particularly well. In a year-end earnings call, BetMGM reported that its <span class=\"xn-location\">Tennessee<\/span> sportsbook collected <span class=\"xn-money\">$70 million<\/span> in January bets, representing about one-third of the state&#8217;s entire handle. That would presumably place it in a heated competition with rivals FanDuel and DraftKings, the nation&#8217;s two largest sportsbook operators, in addition to local operator Action 24\/7.<\/p>\n<p>Those operators could have new avenues to generate wagering, too, including the possibility of allowing sports betting pools, perhaps even ahead of March Madness.<\/p>\n<p>&#8220;Young markets are expected to evolve, especially in the first few months, but adding pools could add a significant revenue generator for operators,&#8221; Welman said. &#8220;&#8221;The Tennessee Lottery realizes the appeal of legal betting pools in a state obsessed with college sports and March Madness, so it will do its best to get that approved in time for the Big Dance. Regardless, it is smart to try to capitalize on the state&#8217;s early momentum with new innovations.&#8221;<\/p>\n<p>For more, visit PlayTenn.com\/news.<\/p>\n<p><b>About the PlayUSA.com Network:<br \/><\/b>The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S. <\/p>\n<p>Contact:<br \/><span class=\"xn-person\">Zack Hall<\/span>, Catena Media, <a target=\"_blank\" href=\"mailto:294121@email4pr.com\" rel=\"nofollow\">294121@email4pr.com<\/a>, 775-338-0745<\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<\/div>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=PH89643&amp;sd=2021-02-24\"\/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/tennessee-becomes-quickest-in-us-to-enjoy-first-200-million-sports-betting-month-according-to-playtenn-301234628.html\">http:\/\/www.prnewswire.com\/news-releases\/tennessee-becomes-quickest-in-us-to-enjoy-first-200-million-sports-betting-month-according-to-playtenn-301234628.html<\/a><\/p>\n<p>SOURCE  PlayTenn.com<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=PH89643&amp;Transmission_Id=202102240844PR_NEWS_USPR_____PH89643&amp;DateId=20210224\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">LAS VEGAS<\/span>, <span class=\"xn-chron\">Feb. 24, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Tennessee&#8217;s online sportsbooks hit a fresh high in January, becoming just the seventh state to generate more than <span class=\"xn-money\">$200 million<\/span> in sports bets in a single month while extending its record launch to three months, according to analysts from <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3077406-1&amp;h=1133768700&amp;u=http%3A%2F%2Fwww.playtenn.com%2F&amp;a=PlayTenn\" rel=\"nofollow noopener\">PlayTenn<\/a>, which offers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":47203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-47202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marco-carvajal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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