Sports Betting Weekly Recap: Insights on TN and CO Gambling Figures, FanDuel Special Offer
Unleashing the Numbers Game: A Weekly Sports Betting Recap
In the heart of the weekend, here's your dose of US sports betting headlines, intelligently redefined for your reading pleasure.
Tennessee Takes the Betting Lead
In the inaugural month (and week) of online sports betting, Tennessee raked in a whopping $131.4 million in handle from November 1-30. BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7 claimed a combined $13.2 million on their 10% share of the revenue. According to various reports, these figures set a new record for the largest sports betting debut for any state. All operators went live on November 1.
States like Indiana, with a population similar to Tennessee, saw around $100 million in wagers in 2019 when they launched their sports betting market. However, Indiana had a stronger presence with three operators going live compared to four in Tennessee this year.
The Tennessee Education Lottery collected roughly $2.4 million in revenue using a 20% tax rate on their share, but the company didn't disclose any operator- or sport-wise wagering figures.
Colorado's Continued Growth
Colorado has been steadily growing its sports betting market, reporting $231.2 million in wagers for November. With a smaller population, Colorado currently has about 20 online operators live. During the COVID-19 pandemic, retail sportsbooks in Colorado have been largely restricted.
Bud Light, FanDuel, and the Broncos: A Fresh Team-Up
In partnership with the Broncos, FanDuel announced an interesting single-game sportsbook promotion for the Dec. 19 game. Bettors wagering $25 or more on the moneyline were promised payment for every field goal and extra point scored by Brandon McManus. However, McManus ended up on the NFL's Reserve/COVID-19 list, unaffecting the initial promotion's outcome. The trio is trying again this Sunday, offering patrons $3 per field goal and extra point scored by McManus.
Other Notable Mentions
- K.C. Jones's Passing: The basketball community mourned the loss of twelve-time NBA champion K.C. Jones, who greatly impacted the sport through his successful career with the Boston Celtics.
- Bengals vs. Steelers: The Bengals' upset of the Steelers led to a substantial payday for sportsbooks.
- Charles Barkley's Move: Charles Barkley struck a deal with FanDuel, partnering for promotions and content.
- Barstool Books: Barstool opened retail sportsbooks in Detroit and Indiana.
- Legalization Roadblocks: The Poarch Creek Indians might thwart legalization efforts in Alabama.
- FanDuel in AC: FanDuel opened a temporary book at Bally's in Atlantic City.
- Michigan and Virginia: Sports betting is expected to launch in Michigan and Virginia in January.
- New York's Gaming Revenue: Despite tepid growth in New York's gaming industry, the state remains a significant player in the gambling market.
- Hawaii Casino Project: Efforts to introduce a casino in Hawaii gained momentum.
- Atletico Madrid Suspension: Atletico Madrid player was suspended for violating betting rules.
- Gambling-Tax Troubles: An ex-Indians outfielder received probation for gambling-related tax issues.
- Indiana's iGaming push: Indiana anticipates introducing iGaming legislation in the future, but may face resistance.
- TN Drone Racing: Tennessee regulators became the first to approve wagering on drone races.
- Tennessee's sports betting market set a record with $131.4 million in handles in the first month, surpassing states like Indiana.
- The BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7 operators combined to claim a significant portion of the revenue earned from sports betting in Tennessee.
- Highlighting an interesting promotion, FanDuel, in partnership with the Broncos, is offering a sportsbook promotion for the Dec. 19 game, promising payment for every field goal and extra point scored by Brandon McManus.
- States like Virginia and Michigan are expected to launch sports betting in January, joining New York, a significant player in the gambling market, despite experiencing tepid growth.
- Regulators in Tennessee became the first to approve wagering on drone races, a move that could potentially open up new opportunities in the sports betting industry.
