Tennessee sportsbooks report 8% increase in handle for June; 17% rise in revenue
Tennessee sportsbooks took in $174m in wagers, an 8% increase from May’s $161m; it is also the first monthly rise since March.
In June, there were $5.8m worth of bets every day, a slight improvement over May’s $5.2m per day.
Jessica Welman, Analyst for PlayTenn.com, said: “Tennessee remains in line with much of the country’s other legal sports betting markets, with some positive signs.
“June’s revenue and volume boost show the industry is still healthy. Not only does it increase tax receipts, but it also better positions sportsbooks as we move closer to the football season.”
June also produced higher gross gaming revenue, as this rose by 17% to $18m from April’s $15.4m, producing $3m in tax revenue.
PlayTenn analysts say Tennessee’s 15.5% decline in betting volume from $206m in March to June is still “outperforming much of the US.”
Another reason for Tennessee’s boost in June is due to the change in sport on the calendar; golf, tennis and motor racing are primarily futures bets, which happen to be more volatile than wagers placed in major team sports.
Nicole Russo, Analyst for PlayTenn.com, said: “Golf and motor racing are less popular than football with bettors, obviously, but those sports can help sportsbooks offset the dip in interest that occurs every summer.
“They can be critically important in helping to smooth out the natural seasonality of sports betting, and that might be especially true in an Olympics year such as this one.”
June also marked the second month that local sportsbooks have met the state’s 10% mandatory hold requirement for the first time since November.
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