Tennessee Sports Betting Posts $27M Revenue in April
Despite a decline in the monthly handle, Tennessee sports betting has reported increased revenue of $27.1 million in April.
According to data released Tuesday by Tennessee Sports Wagering Advisory Council, the state’s nine mobile sportsbooks brought in $292.8 million in April handle, down 20.9% from March’s $370 million.
April also kicked off the summer slump for Tennessee sports betting, which has reported $300 million-plus handles consecutively for the last six months.
The Volunteer State’s April handle was also the lowest since September 2021, which had seen a then-record $257 million.
Tennessee sports betting was the first to launch online-only operations in November 2020.
Eighth Consecutive Month of $20+ Million in Revenue
Tennessee operators posted a 9.3% win rate – compared to 7.2% in March – leading to increased revenue (2.3%) from $26.5 million in March to $27.1 million.
April was the eighth straight month in Tennessee with $20-plus million in gross revenue from wagering.
The Volunteer State’s sports betting market had achieved a $20 million-plus revenue only once in the first 10 months following November 2020’s launch.
April’s handle for Tennessee was both likely and normal after the March Madness-filled month – the last peak month in the US sports betting calendar. The summer slump is expected to stay until September when the NFL regular season kicks off to give new life to US online sports betting.
Tennessee Sports Betting Sees Over 70% YOY Growth
Despite an expected free fall in the handle, Tennessee sports betting handle in April also saw a nearly 70% year-over-year increase, representing continuous growth. With the NBA playoffs and the Final Four underway, Tennessee bettors wagered $292.8 million in April, up 69.8% from $172.4 million wagered in April 2021.
The Volunteer State reported nearly $1.4 billion during the first four months of this year, representing a 77.9% higher than $766 million during the same period in 2021. In addition, adjusted revenue saw a more than 40% increase to $90.2 million.
Tennessee’s April handle also shrank March’s $37.2 million, which was aided by the first four rounds of the NCAA Men’s Basketball Tournament.
According to industry analyst Alec Cunningham, a slowdown is inevitable in April without football or a major sports betting holiday like the opening rounds of the March Madness to attract bettors to sportsbooks.
He said that strong year-over-year performance has shown that the Tennessee industry has remained largely unaffected by headwinds in the greater economy. Cunningham, however, added that that is something Tennessee operators would have to watch over the coming months (until September).
The Tennessee Sports Wagering Advisory Council does not reveal monthly handles and revenue numbers by either operator or sport.