Tennessee sports betting handle rises year-over-year in May

<p>The Tennessee Sports Wagering Council (SWC) has reported that the state’s gross sports betting handle reached $443m in May, representing a 1.2 per cent increase year-over-year. However, the figure declined from $480.8m recorded in April 2024. Gross wagers for the month amounted to $446.2m, reflecting a slight decrease from the previous month.</p><p>The year-over-year growth, though modest, indicates continued interest in sports betting within Tennessee, which operates a unique online-only market without retail sportsbooks. The month-over-month decline aligns with seasonal patterns often observed in the industry, as the end of major sports leagues like the NBA and NHL playoffs can lead to reduced betting activity compared to peak months like March and April, which typically benefit from March Madness and the start of baseball season.</p><p>Tennessee’s sports betting market has been operational since November 2020, and the SWC has consistently published monthly data tracking handle, revenue, and tax contributions. The state imposes a 20 per cent tax rate on adjusted gross revenue, one of the highest in the United States. Despite the monthly dip, the year-over-year increase suggests the market is maturing and retaining a solid base of bettors.</p><p>Industry observers note that Tennessee’s handle figures are closely watched as a barometer for the broader US sports betting landscape, particularly in states without retail sportsbooks. The state’s reliance on mobile betting means that handle can be more volatile, influenced by promotional spending and customer acquisition efforts by operators. The slight decline from April to May may also reflect a normalization after a particularly strong April, which was boosted by the NCAA basketball tournament.</p><p>Looking ahead, the summer months typically see lower betting volumes due to the absence of major US sports, though international events like the Olympics and Euro 2024 could provide some uplift. The SWC’s next report will offer further insight into whether the year-over-year growth trend continues or if the market faces headwinds from increased competition in neighboring states or regulatory changes.</p>