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C Latham celebrates after being selected seventh overall by the Tennessee Titans as we look at the 2024 April sports betting financials
C Latham celebrates after being selected seventh overall by the Tennessee Titans during the first round of the 2024 NFL Draft on April 25, 2024. Photo by Gregory Shamus/Getty Images via AFP.

Tennessee seems to be following a broad nationwide pattern of spring/summer sports betting activity declines but year-over-year growth for participating legal sports wagering states. As seasons change, it's become what we expect from our best sports betting sites.

On Friday, the Tennessee Sports Wagering Council (SWC) April revenue report was released. While overall wagers dropped nearly $100 million from March, they were up nearly $60 million year over year.

Regulators and sports betting providers must be happy with the spike in betting activity in the Tennessee sports betting scene compared to last April. It was believed that the launch of neighboring Kentucky’s legal sports betting platform would take a bite out of the Volunteer State action, but so far, that hasn’t happened on any measurable scale.

$384.2 million in gross wagers

Tennessee bettors spent a total of $384.2 million with Tennessee sports betting apps and retail sites in April. After adjustments, that number came out to $380.9 million. While a nearly $90 million month-over-month drop from the almost $473.6 million from the NCAA Basketball Tournament-fueled March reporting period, April’s numbers do represent about a $60K increase from wagering activity in February.

It is also an impressive more-than-20% year-over-year spike from $318.4 million in April 2023. This is all the more impressive considering the launch and success of the Kentucky legal sports betting scene. Residents have clearly continued to take advantage of Tennessee sportsbook promos.

Mixed tax and revenue results

Just like Volunteer State's handle, revenues and tax contributions provided mixed results in April—expected month-over-month drops and year-over-year increases.

Revenues for Tennessee sports betting sites came in at just under $38.1 million for April. It represents about a $9.3 million drop from sportsbook revenue totals in March, but is a nice nearly $4 million year-over-year jump from $34.26 million in April 2023.

The 10% hold rate for Volunteer State sportsbooks resulted in about $7 million in tax contributions from Tennessee sports betting sites to needy state and local coffers. That number is down from about 19.5% from $8.7 million in March but is up about 9.3% from almost $6.44 million reported in April 2023.

Looking forward

After April, Tennessee will be heading into the typical sports betting slow season until September and the kickoff of the next NFL season. That said, analysts expect year-over-year growth for the state’s sports wagering scene throughout the summer, just as in every month in 2024. Again, this is also despite a robust legal Kentucky sports betting industry affecting Tennessee’s bottom line.

Tennessee’s monthly sports betting handle slipped below $300 million in May and as low as $214.1 million in July.

With basketball, outside of a limited/pared down NBA playoff schedule, not much of a factor on Tennessse sportsbooks, and with the NFL (including the Draft) in the books, baseball is going to have to carry the water for the Volunteer State industry.

So far, baseball has yet to anoint itself as a reliable contributor to Tennessee sports betting apps. Fingers are crossed in the state that the boys of summer can keep Tennessee’s sports betting industry momentum going and that year-over-year increases steal headlines in the state, not the annual spring/summer sports betting slowdown.