Tennessee’s sports betting industry hit a historic milestone in November, as the state reported a staggering $517 million in gross wagers, marking the first time the monthly handle surpassed the $500 million mark since the launch of sports betting in November 2020.

Tennessee’s Sports Betting Hits All-Time Peak with 16.16% Surge in November

The Tennessee Sports Wagering Advisory Council (SWAC) released the figures, revealing a 16.16% increase from the previous month’s total bets of $445.19 million in October 2023. This notable surge comes as no surprise, with the peak of the 2023 college football and NFL season contributing to the heightened betting activity.

The state also witnessed a substantial 17.68% year-over-year increase in handle, showcasing the continued growth and popularity of sports betting in Tennessee. The monthly sports betting handle for November 2023 now stands as the highest in the state’s history.

Tennessee’s sportsbooks generated $1.63 million in adjustments, reflecting an impressive 178% increase from the preceding month. Despite this robust monthly growth, the figure represents a 22.37% decrease compared to November 2022, which saw adjustments totaling $2.10 million.

The Volunteer State’s sports betting journey has seen remarkable growth, rebounding impressively from a record-low revenue of $10.1 million in August 2021. The recent surge in sports betting activities aligns with the entry of prominent platforms such as Fanatics Sportsbook, ESPN Bet, and Hard Rock into the Tennessee market in the last two years. Major players like FanDuel, DraftKings, and BetMGM also went live in 2020 when sports betting was legalized.

Tennessee’s Bold Tax Strategy Nets $9.51 Million

In a unique approach to taxation, Tennessee has been the sole state taxing sportsbook operators based on their total betting handle since July 2023. The state imposes a 1.85% tax on the entire amount wagered. This shift aims to eliminate financial risks, ensuring Tennessee consistently receives privileged tax revenue from all sportsbook operators.

As a result of November’s unprecedented betting activity, Tennessee collected over $9.51 million in privilege fees, marking a 16.16% increase from October this year and a 5.36% rise from November the previous year.

At the beginning of June, Tennessee Governor Bill Lee signed Senate Bill 475 into law, making the state the first in the US to tax sports betting operators based on their betting handle rather than revenue. The legislation, effective from July, replaced the current 20% tax on gross gaming revenue with a 1.85% tax on the monthly betting handle, eliminating the requirement for operators to hold 10% of their handle. The renewal license fees also shifted to a multi-tier system based on operators’ betting handle, aiming to boost tax revenue for various state programs.

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Under the terms of this partnership, Pragmatic Play will supply its cutting-edge games to Land Vegas, which is the region’s first casino based in the Metaverse, making the supplier’s bid on the future of entertainment clear.

Land Vegas Brings Pragmatic Play’s Content to the Metaverse

Metaverse entertainment has been for a while now trying to attract interest from casinos and suppliers, and Land Vegas’ prominent local foothold, combined with Pragmatic Play’s established reputation for delivering impeccable iGaming content, is finally making this a reality.

Pragmatic Play further benefits from the opportunity to strengthen its reputation as a leading innovator in the region and also has a chance to blaze a trail in a new and exciting vertical. Pragmatic already has a strong commercial footprint in Latin America, with the Land Vegas link-up only adding to this reputation.

Players at Land Vegas will now tap into an array of Pragmatic’s experiences, including but not limited to the Slots, Live Casino, and Virtual Sports titles. The supplier wants to continue and deliver transformative experiences in the local market that strike home with player bases and resonate with casino gamers. Commenting on this tie-up, Pragmatic Play VP of Latin American operations Victor Arias said:

We are very proud to sign this deal with Land Vegas. As an innovative, cutting-edge technology provider, we are always looking to partner with brands that share our entertainment vision.

Pragmatic Play VP of Latin American operations Victor Arias

This collaboration allows Land Vegas to offer players a new level of fun and excitement. Land Vegas founder and CEO David Fica Jaque was similarly pleased with the opportunity to see his company bring more worthwhile gaming products to its company.

He acknowledges the strong local presence Pragmatic Play has enjoyed and the progress the supplier has achieved in the region with its slot and casino product. “We look forward to seeing how the Metaverse casino audience responds to the vast portfolio that will be available to them,” Jaque concluded.

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The Victorian government has joined Western Australia in its efforts to minimize gambling harm at the troubled Crown Casino. The Royal Commission recently recommended betting and time limits for Crown Perth in Western Australia, and authorities in Victoria have already mandated similar measures for the operator’s Melbourne branch. Patrons must take mandatory breaks every few hours and face daily and weekly limits.

Daily and Weekly Limits Will Encourage Safer Gambling

The ongoing controversy surrounding The Crown has kickstarted some long-overdue regulatory reforms. The 2021 Royal Commission investigation revealed systemic regulatory violations, tax evasion, severe money laundering, and ties to criminal organizations. The operator’s Australian properties have since felt the ire of the local regulators, paying hundreds of millions in fines and facing ongoing restrictions until they fall back into compliance.

Crown Melbourne now operates under the watchful eye of the Victorian government, which oversees the ongoing reforms. The newest updates aim to combat the rising problem of gambling rates by introducing mandatory breaks and time limits. Patrons will take a non-optional 15-minute break for every three continuous hours of play and a 24-hour break if they have gambled for over 12 hours daily.

Victoria authorities hope that such forced breaks, combined with a 36-hour weekly limit, will help dissuade patrons from overspending. The region’s Casino and Gaming minister Melissa Horne hoped the measures would lay the foundations for a safer gaming environment. A September 2022 legislation also introduced a cash cap of $1000 per 24 hours.

The Royal Commission (evidence) showed incredibly predatory behavior on people… struggling on the casino floor and in the pokie machine rooms in particular.

Melissa Horne, Victoria Casino, and Gaming minister

Anti-Gambling Advocates Find Such Measures Lacking

Despite the authorities’ good intentions, some experts remain skeptical of the practical benefits of time limits. Alliance for Gambling Reform CEO Carol Bennett noted that individuals struggling with gambling addiction would move on to bet at another venue. The proliferation of pokeys across various establishments means a machine is always nearby.

The measures put in place in Crown should also be translated into pubs and clubs because we’re otherwise just shifting the problem.

Carol Bennett, Alliance for Gambling Reform CEO

Bennett tentatively agreed that such measures were a step in the right direction and urged widespread reforms encompassing all venues offering to gamble. However, each Australian region’s high degree of autonomy makes coordination difficult, and powerful lobbying groups ceaselessly fight to maintain the status quo. Even so, attempts to bring order to Australia’s premiere gambling destination should receive recognition.

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Sports betting media group Better Collective announced today it has entered into a content and commercial media partnership with a prominent digital media publisher in Nigeria, PUNCH Nigeria Limited.

A Continent of Sports Betting Enthusiasts

The new content partnership Better Collective signed with PUNCH represents the group’s first step in Africa where the population of sports betting enthusiasts is continually growing, and presenting new growth opportunities for the group.

Commenting on the important development, Jesper Søgaard, co-founder and chief executive officer of Better Collective, said how proud everyone at the group feels to partner with “a well-established news media like PUNCH.”

Not only will we be partnering with Nigeria’s market leader but this partnership also allows us to establish a presence on the African continent.

Jesper Søgaard, co-founder & CEO, Better Collective

As Nigeria’s leading news media group, PUNCH publishes and distributes media content via websites, videos, podcasts and social media channels, and the partnership allows Better Collective to run a sports betting section on PUNCH’s digital platform and Punchng.com, the country’s number one website.

Managing director and editor-in-chief of PUNCH, Adeyeye Joseph, also commented on the agreement, expressing his excitement at the opportunity to partner with a sports media business such as Better Collective.

“We are excited to work with a passionate technology-driven partner like Better Collective,” he said, hoping that the collaboration “will help PUNCH to serve Nigeria’s growing sports betting community with high-quality content while also helping [the] company to further its audience and revenue goals.”

Running a Sports Betting Section on PUNCH

Throughout the contract, Better Collective will leverage its innovative technology and expertise in content creation to run a commercial sports betting section with high-quality English content for PUNCH readers.

Better Collective’s section on PUNCH is expected to help the Nigerian media’s readers to make informed decisions and navigate the different aspects of the rapidly growing world of digital sports entertainment.

Seeking to inform, educate and entertain via the content it creates, PUNCH, one of the oldest and most respected news sources in the country, aligns with the values and mission of Better Collective to educate sports fans and make the sports entertainment industry more engaging and fun.

The agreement with PUNCH is the first agreement of the sports betting media group in Africa. While serving primarily the Nigerian market, PUNCH’s presence extends to other parts of Africa and audiences in Europe, North America and Asia.

Last month, Better Collective released its interim Q4 2022 report posting growth in revenue and EBITDA of 63% and 115%, respectively, year-over-year.

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The much-anticipated event that made a spectacular return on February 7-9 at ExCeL London reunited 40,000 visitors, representatives and pioneers of the gaming industry. 

The best game distributors, developers, retailers, operators, trade associations, innovators, regulators and strategic organizations all showed a massive interest in taking part in the “most comprehensive and ROI-friendly networking, business and learning experience”.

Raising the Bar for the Gaming Industry in 2023

Once again, the main goal of the event was to raise the bar for the international gaming industry in the new year. Accordingly, the three full days of intense networking and educational workshops were attended by a newly established record number of visitors when compared to the last ICE event organized prior to the start of the pandemic in 2020. Then, 36,000 unique attendees were recorded at the ICE event. In April 2022, the scaled-down version of ICE ushered in 24,000 participants who explored their favorite casino and games and sports betting areas. 

Just like last year, this year’s participants were given premier access to the industry’s latest, mesmerizing technology, and professional insights, along with the latest regulatory news. All this information helped attendees come across brand new ideas, expand their network for the benefit of their business, and reposition their brands in fresher and more seasoned markets over the course of the following months leading to December.

Clarion Gaming’s managing director Stuart Hunter explained that while the data should be checked by independent auditors, they remain confident that the event managed to break through the “40,000 high point” and set a new record in terms of visitors. 

79,000 Return Visits at the ICE London 2023

Hunter added that the number of visitor days, which is a measure of attendees’ return visits, reached 79,000. He called both numbers truly significant figures that showcase the magnitude and high value of the ICE experience as it is perceived by visitors. 

Around half of ICE 2023 attendees operated in both brick-and-mortar and online venues, while 50% were exclusively focused on online operations. Some 20,000 of this year’s attendees showed an interest in the Casino and Games booths, while Sports Betting was the main area of operation for 13,000 visitors. 

The ongoing attention given to the Payments sector was also visible through the 5,000 visitors that explained Payments represented their main point of focus and the primary reason why they attended the event in the first place. 

ICE VOX Was a Sold Out Stand-Out 

ICE VOX, which was held between February 5-8 was a stand-out program that managed to sell all its tickets for the first time in history. The signature content program of the international gaming community delivered exclusive content and an overall ICE experience that was a lot easier to understand and match with visitors’ schedules. 

It ran two different world-leading conferences: the World Regulatory Briefing and the International Casino Conference. It also ran four in-depth masterclasses: iGaming Masterclass, Safer Gambling Masterclass, Modernizing Lotteries Masterclass, and New Markets Masterclass. 

This year, ICE helped raise $63,798 for tackling gambling harm and promoting safer gambling. The money will reach four recipients interested in protecting customers from gambling harm in their countries. 

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