Despite the lowest handle numbers in the 2022 calendar year, gross revenue has ticked upward for TN sportsbooks.
Legal online sportsbooks that operate within the Volunteer State recorded their highest cumulative revenue figures for May 2022 since the month of January.
The report, published by the Tennessee Sports Wagering Advisory Council (SWAC), shows Adjusted Gross Revenue for TN books during the month of May at $23.83 million – a 2.5 percent increase over April 2022 figures.
As a result, Tennessee state coffers collected a total of $4,766,458 in Privilege Tax for May 2022 – which is also the largest amount since January, when the state retained just below $5.82 million in tax derived from Adjusted Gross Revenue.
All this despite Gross Handle (or total bets) coming in at its lowest amount of the year at $261.58 million. That number is about one-third less than the total bets that were made by legal Tennessee online sports bettors in January.
However, the month of May represents an anticipated seasonal slowdown in betting activities due to the conclusion of professional basketball and ice hockey seasons along with the off-season months for NFL football.
The state can likely expect Tennessee handle figures to begin to sharply increase in September when both the NCAA college football and NFL regular seasons begin. That month also marks the close of the MLB regular season as qualified teams begin their run for a World Series championship.
Tickets On Sale Now For Titans 2022 Regular Season Home Opener
Individuals in Tennessee who plan to attend the regular season home opener against the Giants on September 11th at Nissan Stadium can get front-row seats behind the team for just over $500, according to Ticketmaster.
Cheap seats that are located (way) behind the visiting team are currently on sale for under $200 apiece – though these prices are expected to increase as September draws closer.
Tennessee Titans Futures Odds For 2022-2023 Season
The Tennessee Titans may have ended their 2021-2022 postseason on a sour note against the Bengals, but are still favored to have a winning season this year.
VegasInsider odds for the 2022-23 Titans campaign show that Tennessee sportsbooks are placing the over/under total on games won at 9.5 while paying out +140 for the team to win the AFC South division this year.
Other futures bets that can be placed with Tennessee mobile sportsbook apps include AFC Championship and Super Bowl Championship which are calculated to be around average for the league at +1500 and +3000 respectively.
New customers who register for a verified FanDuel Sportsbook Tennessee account through TNBets can receive a one-time, $1,000 “no sweat” bet if they satisfy certain initial deposit and playthrough conditions.
DraftKings Sportsbook TN is currently offering new customers a 20% initial deposit bonus (up to $1,000) along with a $50 free bet just for signing-up through TNBets.
BetMGM Sportsbook Tennessee is offering a single, risk-free bet up to $1,000 for new customers.
All that is required to register for a legal online sportsbook account through TNBets is a minimum age of 21 years and being able to verify that you are physically located within the state’s borders when placing real money wagers online.
TN Mobile Sportsbook Apps Could Exceed $30 Million In 2022 State Tax Allocations
If current trends hold, TN mobile sportsbook apps could easily eclipse $30 million in annual tax allocations to state coffers for the entire 2022 calendar year – especially given the expected uptick in revenue during the fourth quarter when the NFL regular season is in full swing.
It will be interesting to see gross adjusted revenue figures in the months to come as sports bettors in the Volunteer state begin to make more Single Game Parlay wagers that award high payouts for small bet amounts if all the different variables within an SGP bet happen to hit.