There was no increase in August for Tennessee sports betting which saw a continuation of the summer slowdown, corresponding to the lowest bet of July 2021 before the busiest four-month period of the year, according to PlayTenn.
Bettors placed $ 144.5 million in bets in the 31 days of August, equivalent to July, according to official data released on Monday by the Tennessee Educational Lottery and Sports Betting Advisory Council. The betting pace remained at $ 4.7 million per day in August, compared to $ 4.7 million per day in the 31 days of July.
“After a summer of ups and downs it would have been encouraging to see some growth in the grip ahead of what is a pivotal time in the industry,” said Nicole russo, analyst for PlayTenn.com. “No sport motivates punters like soccer, however. And an increase in betting this fall will end the slower summer months.”
Gross gaming revenue fell to $ 13.2 million from $ 15.2 million in July. The August revenues generated $ 10.1 million in taxable income, which generated $ 2 million in tax revenue.
Only a handful of college football games were played in August, and none included Tennessee, Memphis, Middle Tennessee or Vanderbilt. The NFL schedule was even more spartan, limited to preseason games, including three with the Tennessee Titans.
But September is another matter, marking the start of the first full season of legal betting in Tennessee. In 2020, a year marked by the closure of major sports for months, 60.2% of the money legally wagered in the United States was placed from September to December. In 2019, 50.8% of all legal bets were made in the last four months of the year.
“This is the most important time for the industry, but we still don’t know for sure how punters in Tennessee will embark on a full football season,” said Eric ramsey, analyst for the PlayUSA.com network, which includes PlayTenn.com. “It seems a safe bet that football betting will likely represent a larger share of Tennessee’s annual management than the national average.”
Tennessee also saw a reshuffle of its operator mix in August with Sportsbook bar stoolis launched just before the NFL season. Barstool adds a familiar brand to the Tennessee mix, and it has performed well in the other states where it operates.
Regulators have also approved a new brand of social sports betting, Wagr, which is expected to be launched during the football season.
“College football and the NFL are not only important in terms of the bets they generate, they also represent the greatest opportunity for sports betting to develop their customer base,” said Russo. “The result is aggressive promotions from established operators and new operators scrambling to get started before kick-off.”