Tennessee sports betting handle drops to $292.8m in April

According to Tennessee’s Sports Wagering Advisory Council, the handle decreased 20.9 per cent from March’s $370m.

US.- Tennessee’s sports betting handle dropped to $292.8m in April, according to Tennessee’s Sports Wagering Advisory Council. That’s a drop of 20.9 per cent from March’s $370m, the month when the NCAA Men’s Basketball Tournament took place. The figure was the lowest in the state since September.

Operators posted revenue of $27.1m, up 2.3 per cent from March’s $26.5m. It was the eighth consecutive month that gross revenue exceeded $20m. Promotional credits totalled $3.9m, a slight increase from nearly $3.8m in March.

Adjusted revenue after promotional credits totalled $23.2m, up 2.2 per cent from March’s $22.8m. The state claimed more than $4.6m in tax receipts, surpassing $18m in tax revenue for the first four months of 2022.

From January to April, Tennessee’s handle was nearly $1.4bn, 77.9 per cent higher than in the same period in 2021. Gross revenue was up 64.7 per cent at $110.9m and adjusted revenue 40.2 per cent at $90.2m.

Tennessee approves three new mobile sportsbooks

In March, three mobile sportsbooks were approved as operators for sports betting in Tennessee. The Tennessee Sports Wagering Advisory Council (SWAC) voted unanimously to approve BallyBet, SuperBook and Betly Sportsbook in the state.

SuperBook launched its mobile sportsbook app in Nevada, New Jersey, Arizona, and Colorado. It was conceived in Las Vegas and expanded outside Nevada thanks to a deal with Westgate Resorts in 2018.

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