The latest monthly revenue report from the Tennessee Lottery reveals that the state’s sports betting handle came in at $160.9M for the month of May. The latest figures mark a drop of 6.8% from April’s handle of $172.4M.
Payouts for the month amounted to $145.5M, down 7.3% from April’s figure of $156.9M. This resulted in adjusted gross revenue (AGR) of $13.7M. May’s AGR was down 4.9% from April’s figure of $14.4M.
State taxes amounted to $2.7M for the month, a drop of 3.6% from the $2.8M collected in April.
Tennessee’s sports betting handle for the month is indicative of a nationwide trend with May traditionally one of the quietest months of the year. Since the state launched its mobile-only sports betting industry on November 1st 2020, the highest handle came in January of 2021 when the state reported an overall handle of $211.3M which generated revenue of $21.8M resulting in $4.3M in state taxes. The second-highest handle came in the month of March when the NCAA March Madness basketball tournament saw the lottery accept $205.9M in wagers.
The Tennessee Lottery currently regulates and runs sports betting operations in the state. However, this is about to change as the newly established Sports Wagering Advisory Council is set to take over regulatory responsibilities from January 1st 2022.
Image credit: deldevries / CC BY 2.0
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.