The summer slowdown has hit the Volunteer State.
Per Tennessee's Sports Wagering Advisory Council (SWAC), the state recorded $273.9 million in total wagers during July, finishing well below the $344.8 million wagered in June.
The drop in Tennessee’s gross betting handle, recorded at $271.5 million in July, saved operators a collective $1.2 million in taxes paid to Tennessee. July’s privilege tax was assessed at $5 million, down from $6.3 million owed in June.
Rise in yearly numbers
Although Tennessee’s betting handle declined roughly $70 million from June, it still performed well compared to the same period last year.
In July 2023, Tennessee recorded a betting handle of $215.4 million, along with $3.9 million in taxes paid to state officials. Last month, betting data saw a 79% rise in Tennessee’s year-to-year betting handle, in addition to a 61% increase for its state tax bill.
Virginia and Kentucky June 2024 numbers
Virginia and Kentucky, two states that also recently legalized online sports betting, recently reported betting data for June.
Virginia had a higher betting handle compared to Tennessee, recording $415.3 million. However, Virginia experienced a 17.8% decline compared to May’s betting handle, with revenue dropping by 25%. Virginia’s tax revenue fell 23.2% from May, recorded at $6.2 million compared to $8.1 million generated during the previous month.
Kentucky finished June with a $150.3 million handle, recording $15.4 million in gross revenue. Tax revenue for the Bluegrass State in June was recorded at $2.1 million, dropping from $2.9 million in May 2024. Kentucky’s total betting handle dropped 27.2% from May to June.
Tennessee fared better than both states in terms of tax revenue, hitting $6.3 million in June.
