Tennessee sportsbooks saw its state handle fall below $300m in April for the first time since August 2021, beginning what is an expected slow period for wagering in the state up until the start of the football seasons.
Data from the Tennessee Sports Wagering Advisory Council revealed April’s handle at $292.8m, down from March’s $370.2m, but up significantly on April 2021’s $172.4m.
With NBA Playoffs and NCAA March Madness games taking place, sportsbooks earned $27.1m in gross revenue, a slight growth on the previous month (March 2022: $26.5m), but a noteworthy improvement on the previous year (April 2021: $15.5m).
Yet, like many other US states at this time of year, handle and revenue will likely be down for the next few months compared to previous months this year with fewer major sporting events happening.
Wagering activity is then expected to pick up again around August and September as the college and NFL football seasons get ready for kickoff.
The Volunteer State’s adjusted gross income in April came in at $23.2m. With a 20% tax rate on sports betting revenue, the state’s sportsbooks produced $4.6m in tax revenue.