LAS VEGAS, August 24, 2021 / PRNewswire / – Tennessee sports betting posted its lowest volume month since the first month of activity in november 2020, as punters saw a shortage of games to bet on in July, even for a month with the NBA Finals and the opening week of the Olympics. But the drop in bets to less than $ 145 million arrives in what will likely be the lowest volume month of the year in the United States, and will ultimately be short-lived as the football season draws closer, according to PlayTenn, which tracks the Tennessee game market.
âEven with the NBA Finals and the July Olympics, there wasn’t as much engagement from casual bettors as most other months of the year,â said Jessica welman, analyst for the PlayUSA.com network, which includes PlayTenn.com. “But sports betting should quickly wipe out any declines as these casual punters return home from summer vacation in August and then begin to shift their attention to football.”
Sportbooks took in $ 144.6 million of bets in July, down 17.2% compared to $ 174.5 million in June, according to official data released Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council. The rate of betting has fallen to $ 4.7 million per day over the 31 days in July from $ 5.8 million per day during the 30 days of June.
The decline in betting volume is in line with trends across the United States. And removing the pandemic-changed numbers produced in 2020, July was the weakest month in the United States in 2018 and 2019 and looks likely to be the lowest again in 2021.
The good news for operators is that revenue remained high compared to the month’s declining volume, which led to $ 15.2 million of gross gaming revenue, a proportional decrease of 17.1% compared to $ 18.3 million in June. This gave $ 13.4 million in taxable income, producing $ 2.6 million in tax revenue.
âOverall, the summer went well for Tennessee sports betting, “said Nicole russo, analyst for PlayTenn.com. “An increased win percentage for sports betting has helped offset the loss in volume. In the slower months, this is exactly what traders are hoping to see.”
This is the second month in a row that the combined hold – the share of bets that sportsbooks keep on completed events – has been relatively high.
The holdback percentage has become even more important for operators after last week’s recommendation by the regulatory committee of the Sports Betting Advisory Council to increase the fine for operators who fail to meet this threshold during of a year. Currently, operators cannot be fined more than $ 25,000 per year for failure to comply with the minimum withholding of 10%. The committee wishes to carry out quarterly evaluations, holding operators accountable until $ 100,000 penalties each year for non-compliance with the 10% threshold.
Tennessee The hold penalty is unique in US markets, and so far this year, operators are not on track to meet the requirement.
âIt will continue to be difficult for operators to meet this withholding requirement, but with a heavier fine, sportsbook will likely be more committed to trying to reach the threshold,â Russo said. “It was already a heavy demand, and the change will make it even more so.”
For operator data and more information on regulated sports betting in Tennessee, visit PlayTenn.com/revenue.
About the PlayUSA.com network:
The PlayUSA.com network is a leading source of information, analysis and research related to the regulated online gaming market in United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reports, publish in-depth research, and offer player advocacy tools related to the advancement of gaming options. safe, licensed and legal online for consumers. . Situated at Las Vegas, the PlayUSA network is independently owned and operated, with no affiliation with any casino – commercial, tribal, online or otherwise.
Zack room, Catena Media, 775-338-0745, [emailÂ protected]
View original content to download multimedia: https://www.prnewswire.com/news-releases/tennessee-sports-betting-hits-low-point-in-july-301361898.html