If you needed real evidence to show you just how ready Tennessee residents were ready for legal sports betting in the Volunteer State, look no further than the first week’s numbers. Sports bettors in Tennessee wagered almost $27.4 million in the first week of legal sports betting around the state.
According to Legal Sports Report, that led to $2.5 million in revenue from the mobile-only market, which was good enough for a 9.3% hold. The legal sports betting market officially went live on November 1, which was an NFL Sunday that garnered over $5 million alone.
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Those are some impressive numbers given that Tennessee is the first state with sports betting exclusively online.
Tennessee, the 18th state to legalize sports betting, does have unique rules in place one of which is a mandatory hold pricing of 10%. This hold stacks the odds stronger against a bettor in Tennessee mandating online books generate at least a 10% hold and cap payouts to 90%. Simply put, bettors will have to pay more to operators in Tennessee compared to other states, according to Action Network.
The revenue that comes from this hold is set to be put back into the state. General appropriations by the general assembly will receive 40% of the hold, 30% will go to local colleges, and another 30% will go to local government, school systems, and infrastructure projects.
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Just after the third week of the NFL season, the Tennessee Titans made a major announcement regarding the sports betting world making BetMGM its official partner. According to the team’s announcement, BetMGM received a conditional license to offer online sports betting in Tennessee and the BetMGM mobile app went live in the state on November 1 when online sports betting launched around the state.
VISIT BETMGM.COM FOR TERMS AND CONDITIONS. MUST BE 21+. WV, CO, NJ, TN OR IN ONLY. GAMBLING PROBLEM? IN NJ CALL 1-800-GAMBLER, IN WV VISIT WWW.1800GAMBLER.NET, OR IN INDIANA CALL 1-800-9-WITH-IT OR IN CO CALL 1-800-522-4700
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