Of states that have already reported May figures, Tennessee tied Pennsylvania with the largest month-on-month handle decrease.
Gross gaming revenue improved, however, jumping to $15.4m in May compared to $14m the prior month. Adjusted gross income was $13.7m, which netted the state $2.7m in tax revenue.
Sportsbooks have won $110m in gross gaming income through seven months.
The drop-off in wagers was expected after the NBA’s Memphis Grizzlies and NHL’s Nashville Predators were quickly eliminated from each league’s respective playoffs.
“There is no avoiding a summer slowdown, especially in states like Tennessee where football has an outsized importance to sportsbooks,” said Jessica Welman, analyst for the PlayUSA “For the most part, though, sportsbooks in the state have been innovative enough in keeping bettors engaged with the NBA, hockey, baseball, and other sports, to blunt the dips.”
Though the Volunteer State lacks an MLB team, sportsbooks could see an uptick in June baseball wagers after two in-state schools, Vanderbilt and Tennessee, reached the College World Series. Moreover, Nashville Super Speedway hosted NASCAR Cup Series race Ally 400 on June 20, which undoubtedly sparked interest in racing wagering.
For the month of May, FanDuel beat out BetMGM to lead the market with handle of $56.9m and GGR of $6.5m. BetMGM was right behind with $56.8m of wagers and GGR of $5.1m. DraftKings took third with $39.6m in handle and $3m in GGR.
