Tennessee Sports Betting Volume Lowest Since Launch
Tennessee’s sports betting witnessed the lowest volume right in the first month after wagering got legalized in the state. The volume fell to $160.9 million in May itself.
According to the PlayTenn analyst tracking the Tennessee gaming market, May’s modest month-long drop in wagering from that in April is to be expected since it is traditionally the offseason for sports betting. The is in keeping with the nationwide declining trend of revenue over the last two months.
Jessica Welman, an analyst from the PlayUSA.com network, commented that one could not avoid the summer slowdown effect, especially in places like Tennessee, where football has an enormous impact on sportsbooks. For the most part, sportsbooks in the state have been creative enough to keep gamblers interested in the NBA, hockey, baseball, and other sports to keep the dips at bay.
According to the data released, sportsbook raked in $160.9 million of wage in the month of May. This is lower by 6.7 percent from April’s $172.4 million. The overall gaming income for May was $15.4 million, exceeding the $14 million in April. The state received $2.7 million in tax receipts from the adjusted gross income of $13.7 million.
The month-long decline in Tennessee is relatively lower than in New Jersey, Indiana, Iowa, Michigan, and other states. Compared to the Match, Tennessee’s handle fell 13.6 percent in April, surpassing all but New Jersey among the top ten markets.
Playoff participation by the Memphis Grizzlies and Nashville Predators helped in May. However, with both clubs exiting early, bookmakers will have to go outside the state for interest until the arrival of the football season, except NASCAR’s Ally 400. The Olympics, which will take place later this summer, may help increase sportsbooks.