Tennessee did not escape the sports betting lull that took place nationwide in July as the state’s Education and Lottery Corporation Wednesday reported a monthly handle of approximately $144.5 million.
That is a 17.2% drop compared to June’s figure of more than $174.5 million, though that was a smaller dip than the national trend. Among the 14 states to have published revenue reports for July, the combined $1.65 billion in handle is 23.4% lower than their June total of nearly $2.16 billion.
July’s handle is also the second-lowest of the nine months of reports from the TELC, with only the $130.8 million at launch last November lower.
The state’s sportsbooks posted a double-digit win rate for the second consecutive month, however, as they collected an estimated $15.1 million in gross gaming revenue for a 10.45% hold. That is just off June’s high-water mark of 10.51% and again above the 10% hold the TELC requires of operators.
Tennessee, which has cleared $1.5 billion in overall handle, currently has seven operators accepting online-only wagers compared to the four when the state began accepting bets.
Nearly 90% of the reported operator revenue was taxable, as the state collected nearly $2.7 million from the estimated $13.4 million in adjusted gaming revenue. Tennessee’s 20% tax rate on AGR is among the highest in the nation in legalized markets, and it has collected more than $21.5 million through the first seven months of the year.
Photo: Sean Pavone/Shutterstock
