Press Releases
PlayTenn.com: Sports betting hits lowest level since November
Tennessee’s sports betting volume declined to its lowest level since the first month of legalized wagering in the state. May’s modest month-over-month drop in wagering from April is an expected result during what is the traditional offseason for sports betting, and the decline is in line with a nationwide trend of declining revenue over the last two months, according to PlayTenn analysts, which tracks the Tennessee gaming market.
“There is no avoiding a summer slowdown, especially in states like Tennessee where football has an outsized importance to sportsbooks,” said Jessica Welman, analyst for the PlayUSA.com network, which includes PlayTenn.com. “For the most part, though, sportsbooks in the state have been innovative enough in keeping bettors engaged with the NBA, hockey, baseball, and other sports, to blunt the dips.”
Sportsbooks took in $160.9 million in wagers in May, according to official data released Wednesday morning. That is down 6.7% from $172.4 million in April, and the state’s lowest handle since November 2020. May’s bets produced $15.4 million in gross gaming revenue, up from $14 million in April. Adjusted gross income hit $13.7 million, which yielded $2.7 million in tax revenue for the state.
With May’s win, Tennessee sportsbooks have now generated $109.9 million in gross gaming income, surpassing $100 million in revenue in just seven months.
Compared with the other major U.S. markets that have already reported May data, Tennessee’s month-over-month decline was steeper than New Jersey (up 8.9%), Indiana (up 7.6%), Colorado (up 1.9%), Iowa (down 2.9%), and Michigan (down 6.0%), but on par with Pennsylvania (down 6.7%). In April, Tennessee’s handle dropped 13.6% from March, outperforming all but New Jersey among the 10 largest markets.
“Playoff appearances by the Memphis Grizzlies and Nashville Predators undoubtedly helped in May,” said Nicole Russo, analyst for PlayTenn.com. “But with early exits for both franchises, sportsbooks will have to look outside the state to generate interest until football season begins, other than NASCAR’s Ally 400. The Olympics later this summer could help give sportsbooks a boost.”
Tennessee’s sportsbooks have been trying to capitalize on the Tennessee Titans’ acquisition of star receiver Julio Jones, which sparked interest in futures betting. Meanwhile, the race for market supremacy has only heated up, with BetMGM and FanDuel going head-to-head to top the market.
In May, FanDuel topped the market with $56.9 million in wagers, producing $6.5 million in gross gaming revenue. BetMGM, which has topped the market in lifetime handle since launching in November, was second in May with $56.8 million in bets, yielding $5.1 million in GGR. DraftKings was third with a $39.6 million handle and $3.0 million in revenue.
“FanDuel, DraftKings, and BetMGM are the three largest online sportsbook operators in the country, so it isn’t a surprise to see the three of them jockeying for position in Tennessee,” Russo said. “Open markets that are hotly contested among the top operators have universally been the rising tide that floats all boats.”
For more revenue information, visit PlayTenn.com/revenue.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.
Latest News
Aposta Ganha launches Black Friday promotion with new ambassador Luva de Pedreiro
Aposta Ganha, the fastest growing Brazilian sports betting and casino site in Brazil, has launched its Black Friday promotion with its newest ambassador Luva de Pedreiro, AKA Bricklayer’s Glove.
With over 21 million followers on Instagram, the digital influencer and social media phenomenon will strengthen the brand’s presence in the market and shake up Black Friday with a campaign full of special offers for bettors.
Known for his catchphrase “Receeeeba!” and his irreverent personality, Luva de Pedreiro will be the main face of the campaign, creating a direct connection with the public, football fans and social media enthusiasts. The partnership aims to increase Aposta Ganha’s visibility in the market, attract new bettors and offer an even more dynamic experience.
Aposta Ganha is taking advantage of Black Friday to reinforce its commitment to ethical and transparent operations in the market. The platform complies with the new regulations of the Federal Government and invests in education and awareness initiatives, ensuring a safe experience for its users. Vitor Paulin, Chief Marketing and Growth Officer at Aposta Ganha, said: “Signing an ambassador like Luva de Pedreiro is a huge milestone for Aposta Ganha. His authenticity and connection with the public make him the ideal partner to boost our brand and make the betting experience even more exciting.”
Aposta Ganha’s Black Friday brings unmissable offers for all types of bettors. One highlight is that bettors will receive 10% cashback on the amount lost in the Aviatrix game and daily offers for sports betting. The promotions will be valid from November 21 to 30, with exclusive advantages in selected games each day.
Latest News
MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS
Sportradar today announced a multiyear agreement with Major League Baseball (MLB) to offer unparalleled sports performance analysis of amateur baseball prospects, through its Synergy Coaching and Scouting solution, to the league and its 30 Clubs. This new partnership will revolutionize player talent scouting through Sportradar’s advanced, proprietary technology and highlights Sportradar’s commitment to delivering innovative and game-changing solutions to the league.
Under the agreement, MLB and its 30 Clubs will gain access to an unprecedented depth of player analysis and insights with event coverage expanding significantly, from 3,300 to more than 20,000 games – an over 600% increase. This includes college, international, professional partner leagues and leading amateur leagues, such as the MLB Draft League, the Appalachian League and MLB Develops events, and, for the first time, top high school events.
The Synergy Coaching and Scouting solution is uniquely positioned to address the player evaluation needs of MLB as it leverages Sportradar’s expertise ingesting and transforming millions of data points from video into detailed metrics, actionable insights and dynamic visualizations. This, combined with Sportradar’s AI-powered sports performance technology, enables Synergy to provide unparalleled, in-depth analysis of every player, play and game situation, and equips MLB and Club scouts with the information and insights they need to streamline the evaluation process, guide draft decisions and support the development of future MLB players.
“Sportradar’s cutting-edge technology, alongside our reputation as a trusted partner to leading US sports leagues, is driving the transformation of sports performance analysis,” said Eduard Blonk, Chief Commercial Officer, Sportradar. “Through Synergy we are pleased that we are expanding our relationship with MLB, equipping them with the deep data and insights they need to identify the next generation of players. We are eager to continue bringing innovative solutions to MLB.”
“We are excited to expand our relationship with Sportradar and ensure equal access to the Synergy video and data services for all 30 MLB Clubs. This platform has become a key resource for Clubs in the domestic and international scouting process and we look forward to continuing our work with Sportradar in the coming years,” said John D’Angelo, MLB’s Sr. Vice President of Amateur and Medical Operations.
Financial reports
Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth
U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.
Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8.0 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.
In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.
Quarterly revenue from land-based gaming – encompassing casino slots, table games and retail sports betting – totaled $12.56 billion, 0.62 percent lower than Q3 2023. Meanwhile, combined revenue from online sports betting and iGaming totaled $5.14 billion in Q3 2024 as online gaming made up 29.0 percent of commercial gaming revenue, a significantly higher share than in Q3 2023.
Looking at each sector in Q3 2024:
- Traditional Gaming: Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.38 billion, a contraction of 0.9 percent year-over-year.
- Legal Sports Betting: Americans legally wagered $30.3 billion on sports, generating $3.24 billion in quarterly revenue (+42.4% YoY). Recent market launches in Kentucky, Maine, North Carolina and Vermont contributed to this growth.
- iGaming: iGaming generated $2.08 billion in revenue, marking a 30.3 percent year-over-year increase.
“Q3 2024 continued gaming’s momentum from the first half of the year, with online casino and sports betting driving strong growth. At the same time, new brick-and-mortar casino openings bolstered traditional gaming, which still accounts for the bulk of industry revenue,” said AGA Vice President of Research David Forman. “More than a quarter of commercial revenue now regularly comes from online sources, raising the importance of continued sustainable growth with consumers in those states.”
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