Jan 5, 2022 - Business

Tennessee sets new sports betting record for revenue

Tennessee quarterback Hendon Hooker is hit by Vanderbilt players in November.
Tennessee quarterback Hendon Hooker is hit by Vanderbilt players in November. Photo: Wade Payne/AP

Tennessee sportsbooks have set monthly revenue records in each of the last three months, culminating in nearly $40 million generated in a football-fueled November.

Why it matters: Sports gambling became legal last year and has increased in popularity during this football season.

  • Eric Ramsey, an analyst for the PlayUSA.com network, said in a report it's difficult to imagine a better season than the one Tennessee sportsbooks have enjoyed.

By the numbers: Overall wagering fell slightly to $365.7 million in November - down from $375.3 million the previous month.

  • November bets rose 178% year over year.
  • Tennessee received $5.9 million in tax revenue. The state receives 20% of net operator revenue, which has generated $41.4 million since November 2020.
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