July may be a peak summer month when it comes to traveling, but it’s a slow month for sports betting.
Tennessee felt the full effect of this phenomenon last month as the state reported its lowest month of wagering activity since the market’s launch in November 2020.
Tennessee sports betting slows in July
Bettors wagered $144.5 million at Tennessee sportsbooks in July, and sportsbooks returned $129.4 million of that to players in the way of earnings.
This is a significant 17.2% decrease from the previous month of June, when bettors put $174.5 million at stake.
Tennesseans wagered an average of $4.7 million per day over the course of July’s 31 days compared to the $5.8 million per day during the 30 days of June.
Tennessee sports betting revenue totaled $13.4 million for sportsbooks in July.
Meanwhile, the state collected $2.6 million in privilege tax.
This wagering decline wasn’t necessarily unexpected, though. July didn’t exactly provide a bevy of wagering opportunities for bettors.
The NBA Finals, 2020 Tokyo Olympics, MLB, and a handful of PGA and LPGA golf tournaments served as the primary wagering options during the month.
On the upside, however, things should only improve from here. July will likely be the slowest month of wagering the industry faces this year.
Markets across the nation have reported a similar decline in wagering over the summer.
July was the lowest-volume betting month in 2018 and 2019 as well, but football is on the horizon.
Fall football offers a light at the end of the tunnel
Despite July’s stunted numbers, Tennessee remains one of the most successful markets in the nation.
This May, the Volunteer State ranked fourth in the nation in terms of accumulated tax revenue.
In total, bettors have wagered almost $1.56 billion and the state has collected $27 million in privilege tax since November.
Tennessee’s seven current operators have logged an accumulated $135.9 million in adjusted gross income, and have created a very competitive market thus far.
Betting on the NFL has led to a lot of the state’s success. Tennessee launched in the middle of the football season last year. This will be the first full football season Tennesseans can wager on.
January 2021 was the highest volume betting month for the state, bringing in over $211 million in wagers during the thick of the NFL.
With more sportsbooks to choose from this year and a full season to wager on, Tennessee is hoping to once again capitalize on football betting interest in the state.
The Titans battling the Colts for the top AFC South spot should only boost that interest.