Online sportsbooks in Tennessee saw business pick up again in August, as the summer slowdown for operators draws to a close.
The Tennessee Sports Wagering Advisory Council recently reported that legal sports betting in the state — which is conducted only over the internet — amounted to approximately $205.9 million in wagering during August, up 12.6% compared to July.
Handle for this August was also up more than 40% from August 2021, when bookmakers took $144.5 million in bets.
Gross revenue generated by the state’s online sportsbooks was $27.2 million for August, good for a hold of 13.2%. Both figures topped July’s take, when gross revenue and win rate for the books were $18.2 million and 9.9%, respectively.
Buffet of books growing
After paying out around $178.7 million to winning bettors and accounting for another $2.8 million in adjustments, such as promo-related deductions by operators, revenue for the books was about $24.4 million.
As a result, tax owed by operators was nearly $4.9 million, based on the state's 20% levy on sports-betting revenue.
The year-over-year rise in wagering in Tennessee is due in part to the growing number of options residents have to get down a legal wager. There are now 13 licensed operators in the state, including Hard Rock Sportsbook, which launched this month in Tennessee.
Sportsbooks in the state are also due for another boost this month with the resumption of the National Football League's regular season, an extremely busy time of year for operators.
