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Tennessee Sports Wagering Operators Eke Out Small Monthly Gain

Higher hold in May helps offset cyclical drop in Volunteer State handle

Chris Altruda by Chris Altruda
June 29, 2022
in Industry
Tennessee May 2022 revenue report

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Sports wagering operators in Tennessee were able to post small monthly gains for May thanks to cracking the 10% hold plateau for the fourth time since launch in 2020.

The Sports Wagering Advisory Council (SWAC) reported handle totaling close to $261.6 million for the month, a 10.7% drop compared to the $292.8 million wagered in April. But an increase of 1.25 percentage points in the gross revenue win rate to 10.4% meant the state’s nine operators claimed more than $27.3 million for the month — nearly $175,000 above April’s haul.

It was the third-highest hold in 19 months of wagering in the Volunteer State, and the first time it reached double figures since a 10.1% hold was posted last November. Tennessee requires individual operators to maintain a 10% hold — a challenging threshold considering the industry standard is 7%. Otherwise, they are required to make a payment making up the difference.

Operators reported almost $3.5 million in promotional credits and other deductions, leaving more than $23.8 million available for the state to tax. The 20% rate on adjusted revenue meant an inflow of $4.8 million into the state coffers, raising the total to more than $22.8 million for the first five months of 2022. That is nearly $7.2 million ahead of last year’s pace.

Top-line numbers showing year-over-year growth

All-time Top 10 #SportsBetting handles post-PASPA by state (May in CAPS):

1 NEW JERSEY $27.93B
2 Nevada $24.09B
3 PENNSYLVANIA $14.81B
4 Illinois $12.26B
5 INDIANA $8.09B
6 NEW YORK ~$7.9B
7 Colorado $6.95B
8 MICHIGAN $6.28B
9 Virginia $4.98B
10 TENNESSEE $4.67B <—NEW

— Chris Altruda (@AlTruda73) June 28, 2022

The SWAC does not offer much in the way of statistical financial breakdowns — it does not provide handle and revenue figures by either operator or sport. At the same time, the year-over-year numbers in the exclusively digital landscape show plenty of growth.

Handle has surged 75.2% to more than $1.6 billion in 2022, fueled by a record $386 million wagered in January as Tennessee has enjoyed a run of nine consecutive months with handle of at least one quarter of a billion dollars. Gross revenue is up 67.1% to nearly $138.2 million, with the 8.5% win rate slightly off the 8.9% from the first five months of 2021.

The adjusted revenue of $114 million is a 46.1% increase compared to last year, though the win rate spread is far more pronounced at 1.4 points. The AGR win rate this year is barely over the industry standard of 7%, while it was 8.4% through five months last year. Promotional play and deductions have increased by nearly six-fold this year to more than $24 million to this point.

Despite that additional promotional spend, Tennessee is one of only eight states to surpass $60 million in state tax receipts since launch in the post-PASPA era, and it also cleared $400 million in all-time gross operator revenue. May’s numbers also pushed the overall national total of taxes collected from sports wagering in the post-PASPA era to more than $1.5 billion, with more than two-thirds of that total coming since the start of 2021.

May #SportsBetting numbers, national note: Year-by-year national state taxes collected in post-PASPA era with the amount surpassing $1.5 billion.

2018: $37,797,161
2019: $125,914,064
2020: $244,796,997
2021: $562,278,829
2022 (YTD): $529,677,218#GamblingTwitter

— Chris Altruda (@AlTruda73) June 28, 2022

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73.

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