Tennessee Celebrates Two Years of Legal Mobile Gaming | Media Pyro

[ad_1]

Tuesday, November 1, marks two years since legal mobile sports books went live in Tennessee. The state’s sports betting market has been good for two years, hosting major players in the market, changing managers, and handling more than $5 billion.

When mobile sports betting platforms were first launched in the state, sports betting was regulated by the state lottery. That changed on January 1, 2022, when the Sports Wagering Advisory Council (SWAC) took over.

Mary Beth Thomas, the executive director of the SWAC, began work on November 1, 2021. Although she only had two months to prepare the organization to take control of the sports betting organization of the government, Thomas likes where SWAC is located.

“I feel like we’ve found our operating system — and things are going well,” Thomas said Game Handle in August.

It’s fresh off a record-breaking month

SWAC reported a record single-month profit of $46.3 million in September. It marked the first time state regulators exceeded $40 million in revenue in a single month.

“At the start of the football season, we’ve definitely seen an increase, and business is growing in Tennessee,” Thomas said at a recent SWAC conference.

Since the launch of mobile sports betting in Tennessee in November 2020, bettors have wagered $5.6 billion. Total gaming revenue is over $500 million, and gaming revenue is only a shade above $435 million.

Tennessee has received $87.6 million in tax revenue from sports betting, and the numbers have yet to come in as of October 2022.

The state’s mobile-only sports betting system looks good from a financial standpoint. And while some customers in some countries prefer the experience of betting at a physical sports book, mobile sports betting is easily accessible to many gamblers.

Bettors in Tennessee can choose from several popular sportsbooks, including BetMGM, Caesars Sportsbook, DraftKings, and FanDuel. Barstool Sportsbook, Betly Sportsbook, Hard Rock Sportsbook, SuperBook Sports, Tennessee Action 24/7, Wagr, and WynnBET are also present in the state, giving customers a variety of options.

“I think countries with online sportsbooks and retailers are seeing most of their gambling online, from what I’ve heard from regulators in other countries,” he said. Thomas. “Tennesseans really enjoy online sports betting.”

What’s ahead?

So what does the future hold for Tennessee sports betting? It looks exactly the same. The state’s online gambling market seems to be good for consumers, and the financial statistics during the football season are impressive.

“I think our state is a safe place for players to have fun participating in sports betting, and I think the numbers will continue to grow,” Thomas said.

Football is the most popular betting sport across the United States, and there’s no question that teams in the state are growing. The Tennessee Volunteers are the No. 2 ranked team in college football, and they will face No. 1 Georgia this weekend in a game that is highly targeted by state bettors. The Tennessee Titans currently lead the AFC South at 5-2 and have reached the playoffs in each of the last three seasons.

Adding commercial sportsbooks is not only a priority for the state, but other mobile operators will enter the Tennessee market.

Fubo Sportsbook planned to enter the market, although it was recently announced that FuboTV’s sportsbook operations had ended. Bally Bet and ZenSports are among the other operators that will enter the state sports betting market in the near future.



[ad_2]

Source link

Media Pyro