Tennessee sportsbooks generate June handle of $174m
Tennessee sportsbooks took in $174m in June handle, an 8% increase from May.
Tennessee’s online-only sports betting market drew in an average $5.8m wagers per day over the 30 days in June, compared to $5.2m per day in May.
Sports betting revenue was $18m for the month, up 17% from the $15.4m won in May.
The Volunteer State generated $16m in taxable revenue, $3m of which went to state and local funds.
Tennessee does not release individual operator data.
Sportsbooks had a 10.3% hold in June, just the second time that hold percentage has been over 10% since the state launched sports betting in November, 2020.
“Tennessee remains in line with much of the country’s other legal sports betting markets, with some positive signs,” said Jessica Welman, analyst for PlayUSA network. “June’s revenue and volume boost shows the industry is still healthy. Not only does it increase tax receipts, but it also better positions sportsbooks as we move closer to the football season.”
Analysts credited the rise in handle and revenue to increased wagers on traditionally less popular sports like NASCAR, tennis and golf.
“Golf and auto racing are less popular than football with bettors, obviously, but those sports can help sportsbooks offset the dip in interest that occurs every summer,” said Nicole Russo, analyst for PlayUSA. “They can be critically important in helping to smooth out the natural seasonality of sports betting, and that might be especially true in an Olympics year such as this one.”
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