BetMGM Sportsbook has regained its crown from FanDuel as the top sportsbook in Tennessee sports betting, according to the latest revenue report released Tuesday. Tennessee sports betting saw $174.5 million in June handle, representing an 8% increase from May’s $160.9 million, the Tennessee Education Lottery (TEL) said in its report.
With the June report, the Volunteer State showed some improvement by reversing a three-month downward trend in the nation’s first online-only sports betting industry.
Tennessee also became the ninth US state with a regulated industry to clear $1 billion in handle in the ongoing calendar year.
Tennessee, A Battleground Between BetMGM and FanDuel
Tennessee sports betting has been defined and dominated by the two leading sportsbook giants – BetMGM and FanDuel. In May, the New York-based operator snatched the crown from BetMGM by an exceptionally narrow margin of $127.
In June, however, the digital arm of MGM Resorts International regained the lead with a far respectable margin between the two competitors.
Out of the $174.5 million in total handle, BetMGM reported 38% of those wagers. Tennessee bettors wagered nearly $67.5 million through BetMGM platform, while FanDuel took in $58 million on its app – or 33.5% of the total market share.
DraftKings Remains Behind in Competition
DraftKings – a usual second-most popular sportsbook in the nation – finished third again in the Tennessee market by posting $40.7 million in June handle.
The distant fifth was William Hill, which saw $3.5 million in handle during the handle, compared to $4.7 million it had taken in a month prior.
Action 24/7 posted nearly $1.9 million in handle, and WynnBET saw almost $1 million in June handle. TwinSpires, however, showed growth by posting $1.6 million in June – almost double than what it had seen in May handle.
Besides handle, Tennessee sports betting posted their first double-digit hold since launch, which resulted in gross sports betting revenue of $18.3 million – the second-highest total after January’s $20.9 million.
Last month’s revenue also represented a 20% increase than what Volunteer State’s sportsbooks had seen in May.
After $2.2 million was dished out in promotions, the adjusted gaming revenue (AGR) was reduced to $16.1 million. The state generated $3.2 million in tax, compared to $2.7 million in May, according to the TEL.
Tennessee sportsbooks took a 9.19% hold on bets for the month. The hold is the portion of bets kept by operators after winnings are paid out.
First Month-Over-Month Increase Since March
After three months of consecutive decline in handles, June marks Volunteer State’s first month-over-month increase since March, which had brought $205.9 million in handle. The NBA Playoffs probably played a key role in lifting the handle.
In April – the first month of the spring slump – the total handle nosedived to $172.4 million, and further dipped to $160.9 million in May.
But June represented a great preseason activity, with $174 million during the 30-day month. On average, Tennessee bettors wagered $5.8 million each day, compared to May when they wagered $5.2 million per day.
Tennessee’s seven sportsbooks took in AGR of $16.1 million in June, their highest take since March.