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Tennessee Sports Betting Operators Enjoy Strong July g284b

Volunteer State keeps up with nationwide trend as revenues rise despite lighter handle 6j5yb

Chris AltrudaChris Altruda
August 15, 2022
in Industry

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sports wagering handle after the state’s Sports Wagering Advisory Council reported Monday that nearly $182.8 million worth of bets were placed in July.

The Volunteer State also cleared $2 billion in handle for the year, the 11th state to do so, as year-over-year handle has increased 62.3% compared to the first seven months of 2021. Though month-over-month handle dipped 15.3% from June’s total of $215.8 million, the figure was an improvement of 26.4% versus last July.

The state’s 13 mobile and online operators continued the national trend of July being a strong month for the house. Their 9.9% win rate resulted in $18.2 million, an increase of 14.6% compared to June. Despite having a high hold nearly three full percentage points above the 7% industry standard, Tennessee currently ranks eighth of 10 states that have published revenue reports for the month.

The adjusted revenue was actually higher than gross revenue at $18.3 million, with the bump even after promotions and deductions helping operators post their first double-digit win AGR win rate in 21 months of activity. The state claimed $3.7 million in tax receipts, lifting its total for the year over $29 million.

All-time Top 10 #SportsBetting handles post-PASPA by state (July in CAPS):

1 New Jersey $28.56B
2 Nevada $25.15B
3 Pennsylvania $15.21B
4 Illinois $13.65B
5 NEW YORK $9.76B
6 INDIANA $8.55B
7 Colorado $7.62B
8 Michigan $6.58B
9 Virginia $5.62B
10 TENNESSEE $5.07B <-NEW

— Chris Altruda (@AlTruda73) August 15, 2022

The Sports Wagering Advisory Council does not disclose handle and revenue figures by either operator or sport category, but the top-line numbers do show large year-over-year growth thanks to the surge in handle which has more than offset a lower operator win rate. The $172.2 million in gross revenue is 48.2% higher compared to the first seven months of last year despite an 8.5% win rate that is more than three-quarters of a percentage point lower.

That gap is nearly 1.5 percentage points when it comes to adjusted revenue, with the 2022 AGR win rate just 7.2%, but the $145.2 million amassed by the house is running 35% ahead of last year’s pace. That has contributed to a year-over-year increase of $7.5 million in tax revenue, with Tennessee on the verge of suring $75 million in tax receipts generated since launch in November 2020.

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Chris Altruda

Chris Altruda 6a54t

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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