Tennessee Handle Unchanged in May, as other States Fall

The Volunteer State accepted $381.8 million in bets for May, almost the same as its April handle of $384.2 million.

Ethan Matthew - News Editor at Covers.com
Ethan Matthew • News Editor
Jun 13, 2024 • 09:10 ET • 4 min read
Walker Zimmerman MLS Nashville SC
Photo By - USA TODAY Sports

The summer is here and Tennessee bettors don’t appear to be slowing down. If the NBA playoffs are keeping sportsbooks popular, then May could be the last good month for a while. If not, then the Volunteer State is a great place for operators. 

Tennessee’s Sports Wagering Advisory Council (SWAC) reported that the state accepted $381.8 million in bets for May, almost the same as its April handle of $384.2 million. 

States like Iowa, Maryland, and North Carolina (to name a few) saw less action in May, compared to April, so Tennessee’s nearly identical handle is certainly good news for sportsbooks and state coffers. 

Sportsbook deductions fell to $2.5 million, from $3.3 million a month earlier, which also helped the state keep their tax bill nearly the same as April. Operators paid $7 million last month. 

May 2023 vs. May 2024 

When looking at May 2023, the downside to the state’s decision to tax sportsbooks on the total money wagered (instead of on their revenue) becomes more evident. I would like to give the lawmakers credit, however, the past few months demonstrated that the tax law has shown to earn the state more money than its neighbors. But this month showed that when operators make money, the state’s taxable ceiling is higher. 

Last year, the state made $7.1 million off from $279.7 million in Tennessee sports betting handle, more than $100 million less than May 2024. To the operator’s credit, back then, their hold was a strong 13.3%, well above the average across legal betting states. 

Pages related to this topic

Popular Content

Covers 25 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo