BetMGM Regains Crown From FanDuel As Tennessee Sports Betting Posts June Numbers
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.