Though Tennessee triumphed in the College World Series, summer is the worst time for sports betting. The upcoming Olympics may break that trend, but Tennessee bettors don’t seem eager to jump in on the current slate of games.
Tennessee’s Sports Wagering Advisory Council (SWAC) announced that the state took in $344.8 million in wagers last month, a nearly 10% month-over-month decline. June’s handle is the lowest the Volunteer State has reported since August 2023.
Sportsbook deductions remained at $2.5 million, nearly identical to May. That means that the drop in wagers directly brought down the state’s tax bill. In June, operators paid $6.3 million to Tennessee, down from the $7 million the previous month.
Yearly improvement
Despite the monthly decline, when you compare everything to June 2023, Tennessee is showing strength as a sports betting market.
The Volunteer State saw its handle rise 49% versus last year and the tax bill also climbed a solid 37%.
More stable than Virginia
It is no surprise that neighboring Virginia is a much larger betting state, has a greater GDP and higher population. In May, the state saw $505 million in wagers, compared to the $381 million in Tennessee. That being said, Tennessee sports betting is proving that it can create a more stable environment.
From April to May, Virginia’s handle fell 10%, and thanks to an impressive 11.8% hold in May, its tax bill fell just 2.4%.
That same time, Tennessee saw its wagers decline less than 1% and its tax drop by 1.4%.
