Analysts from PlayTenn, which keeps complete about the Volunteer State’s gaming sector, state that events like tennis, NASCAR, and golf helped Tennessee’s sportsbooks increase the volume of betting and gross gaming income in June, resulting in a good offseason month.
Jessica Welman, a PlayUSA.com Network analyst, says Tennessee stays in pace with many of the USA’s other legal betting markets, with encouraging signs. The industry is still going strong, as seen by the increase in volume and revenue in June. It boosts tax revenue and improves the standing of bookmakers as we get near the football season.
The Sports Wagering Advisory Council and Tennessee Education Lottery’s data shows that gamblers wagered $174 million at the online sportsbooks of the state in June, which is a steep rise of 8% from a total of $161 million this May. It is also the first increase since March. Betting volume climbed to $5.8 million for every day in June, up from $5.2 million each day in the month of May.
The state’s sportsbooks brought in $18 million in gross revenue from gaming, rising from April’s $15.4 million, generating $16 million of revenue for tax and $3 million tax revenue directed towards the Volunteer State.
Tennessee outperforms the rest of the country with a 15.5 percent fall in the volume of betting from $206 million in March to June. With bets of $4.6 billion placed throughout the country in March, it was the biggest betting volume in US history.
Since there is no betting or football holiday such as March Madness, the combined US handle plummeted to $3.7 billion in April and May, a 19.6 percent decline from March. The combined handle of the country in June is on track to be comparable to April and May.
The primary explanation for Tennessee’s June surge, according to the report, is the change in the seasonal sports environment.
PlayTenn.com analyst Nicole Russo said that both games- Bettors find neither golf nor auto racing as popular compared to football. Still, both sports can change the face of sportsbooks which witness a slowdown in interest, usually during summer.
As per the PlayTenn, the increased revenue is quite ideal for sportsbooks in many ways than just the profitability in one month. The 10.3 percent hold in June — the percentage of bets that bookmakers maintain on finished events — is only the second time since November that sportsbooks have satisfied the 10% compulsory hold requirement of the state.
Even while it is greater than other regulated markets in the US, sportsbooks have had a solid grip of 9.1 percent since their inception in November, which falls short of the criteria. The Sports Wagering Advisory Council may take up the issue when it evaluates new state rules.
