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Tennessee sports betting revenue falls to record low of $10.1m in August


Sports betting revenue in Tennessee slipped to a $10.1m in August, the lowest total reported since the market opened, with handle flat month over month.

Adjusted gross revenue for August was 23.5% below the previous low of of $13.2m, set during the first month of legal sports betting in Tennessee in November last year. The figure was also 24.6% down from $13.4m in July of this year.

Player spending for the month came to $144.5m, which was level with the amount wagered in July this year, but the joint-lowest monthly total since $131.4m was spent in November 2020.

The Tennessee Education Lottery also reported that it was able to generate $2.0m in tax from sports betting in August, while players won a total of $131.3m.

Online and mobile wagering was first legalized in Tennessee in July 2019 after Governor Bill Lee allowed a bill permitting it, SB0016, to pass without his signature. However, the market did not open until November last year

Earlier this month, sports betting affiliate business Leadstar Media secured a new vendor license in Tennessee, enabling it to offer its sports betting affiliate services to licensed mobile and online sportsbook operators in the state.