Tennessee sports betting handle drops 17% in July

The state saw a handle of $144.6m and revenue of $15.2m for July.

US.- Tennessee’s sportsbooks have recorded $144.6m in bets for July, down 17 per cent from June, according to the Tennessee Education Lottery and Sports Wagering Advisory Council. It’s the state’s lowest handle since November 2020.

The pace of betting fell from $5.8m per day in June to $4.7m per day in July. Nevertheless, the decline is expected to be temporary due to the return of the National Football League this month.

PlayUSA.com analyst Jessica Welman said: “Even with the NBA Finals and the Olympics this July, there wasn’t nearly as much to engage casual bettors compared to any other month of the year.

“But sportsbooks should quickly erase any declines as those casual bettors return home from summer vacations in August and then begin to turn their attention to football.”

Revenue remained high relative to the month’s overall decline, with the state reporting $15.2m in gross gaming revenue. That was down 17 per cent from the previous month, with the total yielding $13.4m in taxable revenue.

PlayTenn.com analyst Nicole Russo said: “All in all, the summer has gone well for Tennessee’s sportsbooks.

“An increased win percentage for sportsbooks has helped make up for the loss of volume. In the slower months that’s exactly what operators are hoping to see.”

See also: Tennessee reports 16% drop in sports betting revenue