Another year is getting ready to come to a close, and it will be a record-breaking year for the U.S. sports betting industry. Now that we are well into the month of December, a number of states have announced sports betting figures from the month of November.
There are now over 30 different states with some form of legal sports betting, and November is always a huge month for the entire industry. That was true in both Kansas and Tennessee, as those two states posted numbers that were much better than expected.
Kansas is still trying to establish itself in the industry, as it didn’t launch online wagering until September. Tennessee has had online sports betting for two full years, but it appears that the third year is going to end up being the biggest.
Kansas Off to Hot Start
It has taken the state of Kansas less than three full months to rack up over $500 million in total handle, and that has the state on the path to bigger and better things. The total sports betting handle for the month of November was $186.4 million, and that was actually a small decrease from the October total.
Sportsbooks in Kansas have been extremely consistent, as the total sports betting handle for all three months has been over $160 million. Things will start to cool off after the NFL season is over, but that is a respectable number for a market that is relatively small compared to some others.
The hold rate in Kansas was over 10% for the month of November as well, and that allowed sportsbooks to post a solid revenue. DraftKings Sportsbook is currently the leader in the state of Kansas, but FanDuel is putting a ton of pressure on its top rival.
It’s unclear where Kansas will end up when all of the states have posted handle figures, but it is ahead of four other states at the moment.
Year Three For Tennessee
Tennessee officially launched online sports betting on November 1, 2020, and the state just celebrated two full years in the industry. Sports betting has been more popular than expected in the state, and it appears as if that trend is going to continue moving forward.
The total sports betting handle for the state of Tennessee in November was $439.5 million, easily setting a new record. The previous record was set just one month ago, and it’s the first time in state history that the handle has been over $400 million in back-to-back months.
The gross revenue for the month was also over $47 million, and that was a new state record. Sportsbooks were able to have plenty of success against the sports bettors as well, as the hold rate was approaching 11 percent.
Ohio Hoping For Similar Results
Sports betting in the state of Ohio is set to launch on January 1, 2023, and both online and retail betting will be available. Based on the early projections, Ohio could become one of the biggest markets in the United States, and it could happen right away.
The state of Ohio is going to launch at the perfect time as the NFL season is heating up, and so too is college basketball. Ohio has also confirmed that a number of top operators will be ready to launch on the first day, and the competition will create some impressive numbers right from the beginning.
