Tennessee sportsbooks have utilized NASCAR, tennis and gold matches in June to drum up a good revenue of $18 million from $174 million worth of wagers in typical off-season sports betting.
Jessica Welman, an analyst with online betting operator PlayUSA, has mentioned that June revenues show a healthy sport betting market in Tennessee that is at par with the rest of the country. She is also confident that the revenue for June is a positive trend for the Tennessee market as the football season approaches.
Tennessee’s total sports wagers for June were an increase of 8% from the numbers in May. In May, the State’s total handle for sports betting had been $161 million. The revenue for the sportsbooks of the State was also higher in June than in April. In May, the revenue from sports betting had been $15.4%.
But obviously, the June figures for sports betting are much lower than those for the peak season of March. For example, in March, $206 million had been wagered on sports bets in Tennessee. Compared to that, the total handle for June is a 15.5% decline. But March was an unprecedented performance for sports betting, and total wagers hit the national all-time-high of $4.6 billion. Since then, all US states have seen a decline in sports betting revenues.
But experts believe that the reason behind Tennessee’s high revenue in June is that betting on sports like golf and tennis is a lot more volatile than the spreads for conventional team sports.
Nicole Russo, a PlayUSA analyst, is of the opinion that golf and auto-races can be especially useful for removing the seasonality of the sports betting industry. This year, especially with the Olympics also taking place, it’s completely possible to avoid a seasonal lull in the industry with the help of these alternatives to football, basketball, and soccer.
June was also the first month since November that the State’s sportsbooks were able to reach their 10% hold. This might lead to some reconsideration by the regulatory authorities about the hold requirements for sportsbooks.
Nonetheless, the June figures paint a picture of a thriving sports betting economy in Tennessee that is trying to diversify and expand its markets.