United States sports betting is still a growing industry. New countries enter the market on a regular basis following approval, and with the help of new entrants who consistently market, revenues and turnover continue to rise. Sports betting is a booming business in Tennessee. The state only offers online betting, with no traditional amenities, but that hasn't stopped it from dominating the industry.
This week alone, it was revealed that the industry has already generated over $ 1 billion in sports betting. The Tennessee Education Lottery released the latest April revenue figures that helped the country hit that record. Tennessee is the first US state to place over $ 1 billion in wagers in the first six months of operation.
In April, bookmakers were able to create a gross handle of just over $ 172 million. Of this amount was paid $ 2.8 million in privileged tax . This is equivalent to approximately $ 14 million after adjusting the gross earnings of operators.
The bet amount in April is lower than in March by just over 13%. Last month was a huge draw for sports bettors due to the NCAA March Madness tournaments. More than $ 205 million was wagered in March.
There was a decline in betting in several markets in April and the summer months are expected to be a bit slow for betting. At the moment, the industry only has baseball in the regular season and basketball for betting.
The online sports betting industry in Tennessee took off in November. Since that time more than $ 1 billion was wagered in the state . A total of $ 18.5 million in taxes were paid to the state. This means Tennessee was able to achieve $ 1 billion in door handles in less than six months.
The market in Tennessee is huge. It is in demand, especially since many neighboring countries do not offer sports betting. Players from states like Alabama can easily cross the border and login to mobile app to place a bet.
And the state has even more apps to come. There are currently seven operators offering sports betting in the state. Four more requests for services are currently pending. With even more brands showing interest, Tennessee could easily overtake other states as top earners in the next few months if more operators are approved.
In the future, twice as many operators are expected to offer services in Tennessee.