Tennessee reports 16% drop in sports betting revenue
Tennessee has reported a 16.6 per cent fall in revenues from sports betting in February to the lowest number since activity resumed in November.
US.- Tennessee’s sports betting industry has reported a 16.6 per cent drop in revenues in February to US$176m, following a record US$211.3m in January.
The number is the lowest since activity resumed in November, when players wagered US$131.4m.
Figures released by the Tennessee Education Lottery showed that as players won $163.3m from sports betting, leaving $13m in adjusted gross revenue, the lowest monthly total since regulation and 40.4 per cent lower than in January.
The Lottery did not publish adjusted gross revenue for previous months, but estimates suggest it stood at $13.2m in November and $13.9m for December.
Operators paid $2.6m in sports betting taxes in February.
The news comes a week after the Tennessee Education Lottery became the first authority in the US to suspend an operator’s sports betting license, blocking Action 24/7. The measure was lifted this weekend.
Lawyers for Action 24/7 argued in court that the temporary suspension had substantially harmed its businesses at a crucial time just as the NCAA Tournament is beginning.
They said that since customers could not withdraw funds or place bets after the licence suspension, they moved to competing sites, possibly permanently.
