Tennessee’s May Sports Betting Sees Mixed Results Compared to April
In Tennessee, the sports betting landscape for May saw a total of $437.5 million wagered, highlighting a notable year-on-year increase but reflecting a decline compared to the prior month.
This total represents a 15.4% rise over the same period last year, surpassing the $379.2 million wagered in May 2022. However, when juxtaposed with April’s impressive $463.6 million handle, May’s figures illustrate a decrease of 5.6%, as reported by the Tennessee Sports Wagering Council.
The month also brought to light some adjustments made by operators, amounting to $3.2 million. Had these adjustments not been considered, the gross wagers for May would have reached approximately $440.6 million. This adjusted figure indicates a year-on-year increase of 16.2%, yet still falls short of April’s numbers.
Since July 2023, the council has refrained from reporting monthly revenue, making it challenging to ascertain the state’s hold for May. Nonetheless, it revealed that the privilege tax generated from sports betting for the month exceeded $8.1 million. Tennessee stands out as the sole state in the U.S. that calculates its tax rate based on handle, with licensed operators contributing 1.85% of their total bets to state taxes.
The active online betting market in Tennessee includes major players such as FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, and Caesars, among others. Additional platforms like Betly, ZenSports, and Tennessee Action 24/7 also participate in the state’s online sports betting scene.
As the year progresses, Tennessee’s betting industry reflects both growth potential and volatility, posing intriguing challenges and opportunities for operators and bettors alike.