Tennessee sports betting volume at its lowest since launch
ince the first month of legalized betting in the state, Tennessee’s sports betting volume has fallen to its lowest level. Handle drops to $ 160.9 million in May as the sports betting offseason reaches the second month, WTVF reports.
Modest month-to-month betting decline in May from April is a expected result during what is the traditional offseason for sports betting, and the drop is in line with a national trend of declining incomes over the past two months, according to Playing tennis analysts, who follow the Tennessee gaming market.
Jessica Welman, analyst for the PlayUSA.com network, which includes PlayTenn.com Noted: There’s no avoiding a summer slowdown, especially in states like Tennessee where soccer is of disproportionate importance to sports betting. For the most part, however, the state’s sports betting has been innovative enough to keep punters engaged in the NBA, hockey, baseball, and other sports, to ease the dips. “
Sports betting has taken $ 160.9 million in stakes in May, according to official data released Wednesday morning. It is downstairs 6.7% against 172.4 million dollars in April. May bets generated $ 15.4 million in gross gaming revenue, up from $ 14 million in April. Adjusted gross income reached $ 13.7 million, which generated $ 2.7 million in tax revenue for the state.
With the May victory, Tennessee sports betting has now generated $ 109.9 million in gross gaming revenue, surpassing $ 100 million in revenue in just seven months.
The month-over-month decline in Tennessee was sharper than that of New Jersey (up 8.9%), Indiana (up 7.6%), Colorado (up 1.9%), Iowa (down 2.9%) and Michigan (down 6.0%), but tied with Pennsylvania (-6.7%). In April, The Tennessee grip fell 13.6% from March, outperforming all but New Jersey among the top 10 markets.
Nicole Russo, Analyst for PlayTenn.com noted, “The Memphis Grizzlies and Nashville Predators playoff appearances undoubtedly helped in May. But with early exits for both franchises, sportsbook will have to look out of state to spark the ‘interest until the start of the football season, with the exception of the NASCAR Ally 400. The Olympics later this summer could help give sports betting a boost. “
In May, FanDuel topped the market with $ 56.9 million in bets, producing $ 6.5 million in gross gaming revenue. BetMGM finished second in May with $ 56.8 million in wagers, grossing $ 5.1 million from GGR. DraftKings finished third with a handful of $ 39.6 million and $ 3.0 million in revenue.