July is traditionally a slow stretch in the world of sports betting, and this year was no different. July saw the smallest amount of wagering activity since Tennessee sports betting launched in November 2020.
In the instances when bettors did wager, however, one sportsbook stood out as the clear favorite.
FanDuel reclaims lead as top Tennessee sportsbook
Bettors wagered more at FanDuel than at any other Tennessee sportsbook during the first few months of legal betting in the state.
But it didn’t last long, with BetMGM taking the lead in January and February 2021.
The title of Tennessee’s top online sportsbook shifts back and forth every few months, but recently, it has all been about BetMGM.
That changed once again in July.
Bettors wagered a total of $144.5 million in July. Close to $60 million (41%) of that came through FanDuel. Another $42 million (29%) came from BetMGM, and roughly $34.5 million in wagers (24%) was placed via DraftKings.
Remaining sportsbooks round out the pack
The state’s remaining four sportsbooks (at the time) were responsible for the remainder of the handle.
William Hill, which is now Caesars Sportsbook, took fourth place with a $3.4 million July handle. The operator has remained consistent in that fourth place spot over the last few months.
Action 24/7 accumulated over $2.6 million in wagers.
TwinSpires collected $1.5 million, while WynnBET secured only an $800,000 haul.
Betting slumps in July, expected to uptick in August
Tennesseans wagered a total of $174.5 million in June, but the summer slumps hit hard in July, with wagering declining 17.2%.
July brings with it a month of limited college and professional wagering opportunities for fans. In turn, Tennesseans ultimately favored summer travel, trading in their trusty betting apps for Google Maps.
Of the $144.5 million wagered in July, bettors pocketed $129.4 million in earnings, and the state collected $2.6 million in privilege tax.
Since November, bettors have placed a grand total of roughly $1.56 billion in wagers, and the state has gathered $27 million in privilege tax .
With any luck, the beginning of August will mark the end of the summer betting slumps in Tennessee.
Football season kicked off Aug. 5 with the start of the NFL preseason, intensifying on Aug. 28 with the first college football games.
Additionally, William Hill made the official transition to its new namesake, Caesars Sportsbook, on Aug. 2. This rebranding is expected to have an immediate impact for the operator, as the sportsbook has rolled out a variety of enticing new boosts and promotions.
We will know what August betting totals look like when regulators release the official August wagering report near the end of September or at the upcoming SWAC meeting on Oct. 5.
Tennessee sports betting nears 1-year anniversary
Going into September, wagering will likely remain on the up-and-up. The onset of the regular football season and the addition of an eighth Tennessee online sportsbook will only help numbers soar.
It was recently reported that the legal US sports betting market just experienced its busiest four-day stretch as the NFL season got underway.
Tennessee was a part of that busyness. Barstool Sportsbook celebrated its first day in Tennessee on Wednesday, Sept. 8, just in time for Week 1 of the NFL.
In addition to that, a ninth online sportsbook, Wagr, plans to launch sometime in November.
At this trajectory, Tennessee sports betting handle is on its way to $2 billion during its first year of operation, a feat not many other states have accomplished.