Last updated on June 18th, 2023 at 01:01 pm
In the latest sports betting and gambling news, we are taking a look at Tennessee sportsbooks and how they fared this May. Those who use a bookie pay per head software in the US know that May is not a particularly active month for sports, as well as sports betting. Thus, it is not uncommon to read monthly industry reports stating such.
For the state of Tennessee, its sportsbooks have a total monthly handle of $279.8 million, which is 12% lower than April’s $318.4 million. This is also the first time we are seeing a handle go below $300 million in recent months. But given the dip, $279.8 million is still a good number, especially when you compare it with other states.
But despite a lower handle, revenue is still better than the previous month. If you are wondering how you can see that in a sportsbook, just check your online bookie software to compute for your handle, revenue, hold, and other relevant data.
Tennessee Sportsbooks in May
For the month, sportsbooks paid out around $242.7 million to winners, and claim around $1.4 million in adjustments. This brings us to a $35.7 million adjusted gross income. April’s revenue was at $32.1 million, so even with less wagers, sportsbooks earned more this month.
Similarly, the state will also earn more in taxes, collecting $7.1 million for the month. And the numbers are good all over for the state, despite the handle. Even with the dip, the handle is still 6.9% better than May 2022. The adjusted income is also a whopping 50% higher, and tax revenue shows a 45% increase as well. The hold percentage is at 13.3% in May, higher than 11.5% in April.
Industry insiders consider Tennessee to be one of the top 10 sports betting markets in the country, so looking at their numbers remain relevant to those who want to get into sports betting. By looking at the trends in betting each month, you can easily see when your sportsbook is doing well, or if the issue is internal. If you use the best pay per head sportsbook software, you too can create your very own online sportsbook and earn well.
