Tennessee sportsbook records lowest betting volume in May
Tennessee sports betting saw sports betting volume drop to its lowest level since the first month of legalized betting in the state in May, with a modest monthly drop in betting compared to April.
The drop is not surprising, according to Playing tennis analysts, and is in line with a national trend of declining earnings over the past two months due to the traditional offseason in sports betting.
Sports betting took in $ 160.9 million in bets in May, down 6.7% from $ 172.4 million in April, and the lowest level in the state since November 2020. Betting in May 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 May’s victory, Tennessee sports betting now generated $ 109.9 million in gross gaming revenue, surpassing $ 100 million in revenue in just seven months.
Jessica welman, analyst for the PlayUSA.com network, which includes PlayTenn.com, noted, “There’s no avoiding a summer downturn, especially in states like Tennessee where football 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 with the NBA, hockey, baseball and other sports, to ease the dips.”
Compared to other major US markets that have already released data for May, the monthly decline in Tennessee was more pronounced 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 the Pennsylvania (down 6.7%).
In April, the Tennessee grip fell 13.6% from March, outperforming all but New Jersey among the top 10 markets.
“The Memphis Grizzlies and Nashville Predators playoff appearances definitely helped in May,” said Nicole Russo, analyst for PlayTenn.com. “But with early exits for both franchises, sportsbook will have to look outside the state to generate interest until the start of the football season, with the exception of the NASCAR Ally 400. . The Olympics later this summer could help boost sports betting. “
Tennessee Sportsbook has tried to capitalize on the Tennessee Titans’ acquisition of star receiver Julio Jones, which has sparked interest in futures betting. Meanwhile, the race for market supremacy has only intensified, with BetMGM and FanDuel compete to dominate the market.
In May, FanDuel led the market with $ 56.9 million in bets, generating $ 6.5 million in gross gaming revenue. BetMGM, which has led the market in terms of lifespan since launching in November, finished second in May with $ 56.8 million in bets, generating $ 5.1 million from GGR. DraftKings was third with a handful of $ 39.6 million and $ 3 million in revenue.
“FanDuel, DraftKings and BetMGM are the three largest online sports betting operators in the country, so it’s no surprise that all three of them are competing for a position in Tennessee,” Russo said. “The open markets that are hotly contested among the major traders have universally been the rising tide that floats all ships.”