The Tennessee sports betting market reached new heights in October 2024. According to the Sports Wagering Council (SWC), the state is seeing record-breaking figures across multiple metrics. The state’s bettors wagered a total of $551.2 million, resulting in an adjusted gross handle of $547.8 million after $3.4 million in adjustments.
This performance represents a 5.2% increase from September’s previous record of $520.8 million and a substantial 23.4% year-over-year growth from October 2023’s $443.8 million. October marks only the third time since the market’s 2020 launch that monthly handle has exceeded $500 million, following November 2023’s $515.5 million. With such promising numbers, it comes as no surprise that there is high demand for pay per head software so business-minded people can become bookies.
Tennessee Sports Betting Market Numbers
State tax revenue reached a milestone in October, surpassing $10.1 million for the first time since market inception. This achievement highlights the growing fiscal impact of sports betting on Tennessee’s economy. And if you also want to earn from this, you can easily use a pay per head service to create your own sportsbook business.
The record-setting month coincided with the NFL season, though local team performance presented a mixed picture for operators. The Tennessee Titans’ challenging season, with seven losses in their first nine games, likely benefited sportsbooks if local bettors maintained hometown loyalty. October represented the first complete month of NFL betting for the 2024-25 season, which began September 5.
This scenario contrasts sharply with Michigan’s experience, where the Detroit Lions’ impressive 8-1 record led to retail sportsbooks posting losses of $822,552 due to successful bettor predictions. While Tennessee’s reports don’t break down betting by sport, football typically dominates fall betting activity, as evidenced by other states’ data. Vermont, for example, reported that $6.5 million of its $17.3 million total handle came from football bets.
The Prospects for the Local Betting Market
Looking ahead, historical patterns suggest continued growth. November 2023 saw a 16.2% month-over-month increase from October; a similar trajectory this year could push November 2024’s handle beyond $600 million, setting another state record.
Tennessee’s sports betting landscape remains unique as the first state to implement an online-only model. Since its November 2020 launch under HB1, the market has grown to include 12 licensed online sportsbooks, with no plans to introduce retail locations. This digital-first approach has proven successful, as evidenced by the market’s consistent growth and record-breaking performances.
These October results reflect Tennessee’s maturing sports betting market, and is very telling of the betting industry as a whole. With an ever-growing market, it remains the perfect time for you to start reading up on the main features of a bookie software, and start building your own online sportsbook. If there is anything to learn from the Tennessee sports betting market, is that you can still earn a lot, even if the gambling industry is already popular. And once you start earning, the market is still growing enough that you can stretch your revenues into higher profits.
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