Reports from Tennessee sportsbooks Handling increased by 8% in June, and revenue increased by 17%
There was an 8% increase from May's $161 million to June's $174 million in wagers placed at Tennessee sportsbooks; this is the first monthly increase since March. The average daily wager in June was $5.8 million, which is a moderate increase from the average daily wager in May of $5.2 million.
"Tennessee is in pace with many of the country's other legal sports betting markets, with some good signals," stated Jessica Welman, an Analyst with PlayTenn.com.
"The industry is still in good shape, as seen by the increase in revenue and volume seen in June. Not only does it result in an increase in tax collections, but it also puts bookmakers in a stronger position when we get closer to the start of the football season.
Moreover, total gaming income increased in June, up 17% to $18 million from April's $15.4 million, resulting in an increase in tax revenue of $3 million.
The researchers at PlayTenn believe that even while betting volume in Tennessee dropped by 15.5% from $206 million in March to June, the state is still "outperforming much of the US."
Bets put on golf, tennis, and auto racing are generally futures bets, which are known to be more unpredictable than wagers placed on major team sports. One additional explanation for Tennessee's increase in popularity throughout the month of June is due to the shift in the sport that is featured on the calendar.
Golf and motor racing are certainly less popular with bettors than football, but those games can help sportsbooks counter the drop in interest that comes every summer. Nicole Russo, an Analyst with PlayTenn.com, said: "Golf and motor racing are definitely less popular than football."
"They have the potential to play a significant role in helping to smooth out the inherent seasonality of the sports betting industry, which may be especially true in a year like this one, which features an Olympic competition."
Also, June was the second month in which local sportsbooks met the state's mandated hold requirement of 10% for the first time since November. This achievement was celebrated in June.
