- Tennessee saw $160.9 million in wagers in May.
- Sportsbooks took in $13.7 million in revenue.
- Sports betting is down 6.7% month over month.
NASHVILLE – Sportsbooks in Tennessee continued to see a decline in activity in May, as betting handle is down month over month. While the market itself has seen decreases in activity, it is still important to note that sports betting as a whole has surpassed $1 billion in total revenue.
This milestone shows that sports betting in Tennessee is still very much a lucrative market.
Sports betting is also expected to spike in activity in the coming months with football seasons returning.
Sports Betting Dip
According to the official report released by the Tennessee Education Lottery (TEL), sportsbooks collected $160.9 million in betting handle.
This is a 6.7% decline in wagers month over month from the $172.4 million wagered in April.
This is a continued trend, as April’s revenue was down 16.3% from the record $205.9 million set in March. In fact, May’s betting handle is now the lowest handle since sports betting launched in Tennessee in November 2020.
Sportsbooks collected $13.7 million in total sports betting handle, with the state seeing $2.7 million in privilege tax.
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While there has been a steady decline in betting activity, Tennessee is still a thriving market. Sports betting as a whole has surpassed $1 billion in handle since launch, and Tennessee’s annual revenue as a state peaked past $2 billion.
According to the Q1 report released by the TEL, this is Tennessee’s best first quarter of a fiscal year ever.
This shows the sheer magnitude that sports betting has on the overall revenue of a state, even as the numbers continue to dip.
With Tennessee having only online sportsbooks as an option it is a major feat that each month has surpassed the $100 million mark in activity. Each month has also been profitable with the state seeing millions in revenue.
Additionally, as the Summer Olympics comes, the NFL playoffs continue, the NHL playoffs continue as well, and the remaining MLB season goes on, Tennessee is sure to see increases in activity. Also, the NFL season will surely see a spike in betting as well.
Sports betting in Tennessee is still in good standings, despite the slight decline in activity in the past few months.
After graduating from Florida State University with a degree in creative writing, Giovanni spent his professional career writing short stories for online journals. Now at USAOnlineSportsbooks, you can find him keeping fans up to date on their favorite teams best betting odds. Giovanni still tries to incorporate his passion for storytelling through the perspective of sports betting.
