In Tennessee, the first eight days of legal online sports betting resulted in an impressive aggregated handle of approximately $27 million, with operators paying around $509,000 in taxes. The state, with a population of about 6.8 million, kicked off online sports betting on November 1. The inaugural day alone saw a handle of over $5.1 million and tax revenues of around $160,000. The launch coincided with the Xfinity 500 NASCAR event and an NFL game where the Tennessee Titans faced off against the Cincinnati Bengals.
Rebecca Hargrove, CEO of the Tennessee Education Lottery, disclosed these initial figures, noting that the state's four licensed sports betting operators paid out roughly $23.9 million to bettors during the eight-day period, generating gross gaming revenues of around $2.5 million. The BetMGM app, operated by Roar Digital, a joint venture between MGM Resorts International and GVC Holdings, reportedly saw remarkable success, outperforming other states by a significant 200%.
Apart from BetMGM, Tennessee has licensed other operators including FanDuel Group, Tennessee Action 24/7, and DraftKings Incorporated, allowing them to offer online sports betting to individuals over the age of 21 within state boundaries. Notably, operators are required to retain at least 10% of wagers or risk fines of up to $25,000. Recently, the state passed a measure prohibiting local council members and their spouses from using these betting services to wager on sports.
