NASHVILLE, Tenn. (WTVF) — Tennessee sports betting volume declined to its lowest level since legalized wagering began in the state in November.
May's month-over-month drop from April is during a traditional off-season for sports betting and it also ties into the nationwide trend of a sports betting decline.
"There is no avoiding a summer slowdown, especially in states like Tennessee where football has an outsized importance to sportsbooks," says Jessica Welman, who is an analyst for PlayUSA.com and PlayTenn.com.
In May, Tennessee sportsbooks took in $160.9 million, down 6.7% from $172.4 million in April. Adjusted gross income hit $13.7 million in tax revenue from the state. In the same month, the Tennessee sportsbooks generated $109.9 million in gross income, surpassing $100 million in six months.
In April, Tennessee's handle dropped to 13.6% from March and outperformed all top ten markets, with an exception of New Jersey.
Recent playoff appearances from the Memphis Grizzlies and Nashville Predators have sparked interest in Tennessee betting, but early exits from both teams lost interest and revenue. The acquisition of Julio Jones to the Tennessee Titans can increase future interest in sports betting.
