Two more sportsbook operators received approval from the Tennessee Education Lottery to accept bets last week. Unfortunately for them, it wasn’t soon enough to go live before Super Bowl Sunday.
Late last week Tennessee regulators approved William Hill and WynnBET to take spots bets in the state. Both will have requirements to meet before they can launch and begin taking bet which means they won’t be ready before Super Bowl Sunday.
How many Tennessee sportsbooks are rolling?
The approval for William Hill and WynnBET bumped up the number of approved sportsbooks in the state to seven. There are at least two more to come with TwinSpires and ZenSports still awaiting their approval from regulators.
Seven sportsbooks operators may have approval but only four have gone live and are taking bets in the Volunteer State. Those four operators include Action 24/7, BetMGM, DraftKings Sportsbook and FanDuel Sportsbook.
Those four sportsbooks have been making a killing in Tennessee since going live in November. In that first month the sports betting handle in Tennessee was $131.4 million. That set a record for largest handle in the first month of sports betting. That was just the start as Tennessee blew past that in December with a reported sports betting handle of $180.9 million.
According to the Tennessee Education Lottery report, sports betting payout in November was $13.2 million in November and $13.9 million in December. Tax revenue in December was reported at just over $3 million.
Tennessee continues to take full advantage of their neighbors, who continue to lack mobile spots betting. In December none of the eight states that border Tennessee were offering mobile sports betting. Arkansas does offer in-person sports betting, while Virginia launched mobile sports betting at the end of January.
One big change in Tennessee in January was the institution of a mandatory 10 percent hold policy on sportsbooks. Sportsbooks in the state can be penalized if they don’t maintain at least a 10 percent hold annually. If the hold requirement isn’t met the sportsbooks could face a fine up to $25,000.
According to reports, operators met the 10 percent requirement back in November, but in December, before the policy came into effect, they only reached a 7.7 percent hold. It will be interesting to see if they reached the 10 percent hold limit in January when the number are released later this month.