The Tennessee bookie industry continues to grow as it breaks its previous record in monthly handle for sports betting. According to the Tennessee Education Lottery, the state’s regulatory board for gambling, Tennessee’s October total sports betting handle is at $375.3 million. This is 45.9 higher than September’s handle of $257.3 million. Many a bookie pay per head software provider have particular interest in the growth of Tennessee’s betting industry. Tennessee is an online-only sports betting market.
The gross payouts for the state also show massive growth. We see a 52.1% increase from September’s 231.7 million to $352.4 million for October. Meanwhile, the adjusted gross income for October is at $17.2 million. This is around 3.6% higher than September’s $16.6 million. The state, aside from its online-only betting platform, has another feature that makes it unique from other states: they collect a privilege tax. The privilege tax is a 20% tax that comes from the adjusted gross income every month. For October, it was $3.4 million. If you would like to understand more about income, handle, and other important factors in running a sportsbook, you should check this great resource and read a bookie tutorial or two.
Tennessee Bookie Industry
Tennessee is not the only state that has a new sports betting record for October. New Jersey, Iowa, and Indiana are some of the few states that also have not just higher betting handles, but are also breaking their local monthly handle records. And as any of you who use a good sports betting bookie software knows, this phenomenon is actually quite predictable during fall season.
The easy answer is that as long as football season is on- for both professional and college-level tournaments, then you can expect sportsbooks to be taking in a lot of wagers. But in truth, it is also because of other sports leagues that are running during fall and throughout winter. The NBA started in early October. Meanwhile, college basketball will be starting in November, so early wagers will be coming in for opening lines. Of course, the NHL season starts in October as well. And let’s not forget the MLB, which is nearing the postseason around this time of the year.