Tennessee sportsbooks begin expected seasonal ebb, but betting is still up 70% year over year, according to PlayTenn analysts
(LAS VEGAS) — Wagering at Tennessee’s sportsbooks in April fell to below $300 million, the lowest level since September 2021, while revenue ticked up. The month marked the first month of a seasonal ebb in sports betting volume that should last until football season, obscuring a year-over-year gain of nearly 70%, according to PlayTenn, which tracks the Tennessee gaming market.
“A slowdown is inevitable in April without football or a major sports betting holiday like the opening rounds of the NCAA tournament to draw bettors to sportsbooks,” said Alec Cunningham, lead analyst for PlayTenn.com. “Importantly, strong year-over-year performance shows the industry has so far largely been unaffected by headwinds in the greater economy. But that is something sportsbooks will have to watch over the coming months.”
With the NBA playoffs and the Final Four as primary catalysts, bettors placed $292.8 million in wagers in April, up 69.8% from $172.4 million in April 2021, according to data released Tuesday by the Tennessee Sports Wagering Advisory Council. April’s handle did slip 20.9% from $370.2 million in March wagers, a month boosted by the first four rounds of the NCAA Men’s Basketball Tournament.
Sportsbooks won $27.1 million in gross revenue from April’s wagers, up 75.1% over $15.5 million in April 2021 and up just 2.3% from $26.5 million in March. Adjusted net proceeds settled at $23.2 million, yielding $4.6 million in tax revenue.
The landscape for sportsbooks typically shifts in April from major volume generators such as the NFL, college football, and March Madness. The NBA playoffs are popular, but the inventory of games is whittled quickly. That leaves the summer months to baseball and wagering on events like major championship golf, which lend themselves to more parlay betting. Those parlay bets, in turn, tend to be more favorable for sportsbooks.
“Football’s ubiquitous appeal offers sportsbooks an opportunity to expand to drive volume, which the industry does with typically heavy promotion,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com. “The industry’s focus shifts in the warmer months. Because of lower volume, sportsbooks taper some promotions and often wring more revenue from those bets.”
For operator data and more information on regulated sports betting in Tennessee, visit PlayTenn.com/revenue/.