Tennessee’s sports betting market continues to flourish, with July witnessing impressive numbers that solidify its position as a thriving industry. Despite a slight decline compared to the previous month, the state’s sports wagering industry experienced a substantial year-on-year surge.
July Betting Volume: A Strong Year-on-Year Increase, Slight Dip from June
In July, bettors in Tennessee placed wagers amounting to $182.8 million on sports events, reflecting a remarkable 26.5% growth compared to the same month in 2021. However, this figure represented a modest decline of 15.3% from June’s impressive $215.8 million. Despite the dip, Tennessee became the tenth state to surpass the monumental $5 billion milestone in total sports bets.
Payouts and Gross Revenue: Positive Trends and Improved Win Rate
Winning bettors received substantial payouts totaling $164.6 million, leaving a gross revenue of $27.3 million for the operators. This resulted in a promising 9.9% win rate for the state’s online sportsbook operators, marking an improvement over June’s 7.3% win rate. The significant increase in gross revenue, compared to the previous month’s $15.6 million, highlights the industry’s positive trajectory and profitability.
Tax Receipts and Overall Growth: Tennessee’s Sports Betting Success
The state collected $3.7 million in tax receipts in July, bringing the total tax revenue for the year to over $29 million. These numbers exemplify the immense economic benefits of the flourishing sports wagering market in Tennessee. Comparing the gross revenue of January to July this year ($172.2 million) with the corresponding period in 2021 reveals a substantial year-on-year increase of 48.2%, underscoring the industry’s remarkable growth.
Licensed Operators: Diverse Choices for Tennessee Bettors
Tennessee currently boasts 13 licensed online sportsbook operators, providing a wide range of options for bettors. The presence of multiple operators ensures healthy competition, innovation, and diverse offerings, enhancing the overall sports betting experience for users in the state.
Tennessee’s sports betting industry continues its upward trajectory, demonstrating robust growth, impressive betting volumes, and substantial revenue generation. Despite a slight decline from June, July’s figures highlight the resilience and increasing popularity of sports wagering in the state. With a diverse array of licensed operators and strong tax revenues, Tennessee remains at the forefront of the expanding legal sports betting landscape, promising a bright future for both bettors and industry stakeholders alike.