Tennessee sportsbooks’ handle continued to drop in May in hand with the reduced sports schedule. However, revenue did have a slight uptick compared to the previous month.
Alongside the small increase in revenue, the Volunteer State’s sportsbooks will be happy that they have undergone significant year-over-year growth in both handle and revenue.
May’s handle for Tennessee’s sportsbooks came in at $261.6m according to data from the Tennessee Sports Wagering Advisory Council, a 10.7% decrease compared to April’s $292.8m, but a 62.9% improvement YoY on May 2021’s $160.9m.
Although the state’s handle continued to drop due to the limited sports calendar, revenue improved slightly by 0.64% compared to the previous month to $27.3m (April 2022: $27.1m). This figure is also up 77.4% YoY (May 2021: $15.4m).
Tennessee sportsbooks recorded an adjusted gross income of $23.8m during the month, a 2.52% growth on the previous month (April 2022: $23.2m), and a 73.96% uptick YoY (May 2021: $13.7m).
With a 20% tax rate on sports betting revenue, the state’s sportsbooks produced $4.77m in tax revenue.
Tennessee doesn’t supply a breakdown in handle or revenue per sport or operator.