Tennessee sports betting handle drops to $261.6m in May

According to Tennessee’s Sports Wagering Advisory Council, the handle decreased 10.7 per cent from April’s $292.8m.

US.- Tennessee’s sports betting handle dropped to $261.6m in May, according to Tennessee’s Sports Wagering Advisory Council (SWAC). That’s a drop of 10.7 per cent from April’s $292.8m. However, the figure was up 62.6 per cent compared to the same month 2021.

Payouts to winning bettors amounted to $234.3m, leaving $27.3m in gross revenue for online sportsbooks – down slightly from the $27.1m generated in April. The hold for operators was 10.4 per cent in May, an increase over April’s 9.3 per cent win rate.

Operators reported almost $3.5m in promotional credits and other deductions, leaving more than $23.8m available for the state to tax. Taxes paid by the operators for May were nearly $4.8m, which is due to the state’s 20 per cent levy on adjusted revenue, up slightly from April’s $4.6m.

According to the SWAC, there are currently 12 online sportsbook operators licenced to do business in Tennessee. 

See also: Tennessee reports $1.7bn in sports bets in first year