Tennessee Sports Betting Trending Down In July
The July sports betting numbers are finally out for the state of Tennessee, and it was not a good month for the industry.
This does follow a similar trend that has been set throughout the rest of the United States, but the numbers announced from the Tennessee Education Lottery were lower than expected.
The total sports betting handle for the month of July was just $144.6 million, which was down almost $30 million from what was reported in June. A lack of professional sporting events really hurt the overall numbers for the month, but there should be some relief on the way soon.
A closer look at the betting average per day tells an even more grim story as there was actually one more full day of betting in July. Bettors wagered just $4.7 million per day in July after that number was closer to $6 million in June.
There was some hope that July would produce another solid month of sports betting in Tennessee after the June total jumped all the way up to nearly $175 million. That was the first time since March that the total had climbed, but it was a very short-lived boost.
Tennessee has still performed much better than what was expected when this industry first launched, but it is no longer setting records every month. Since November 2020, there has been over $1.5 billion wagered on sports, and the Fall months in 2021 should get things back on track.
Once again, 100 percent of the bets made were done online as Tennessee does not have any retail options and there are no casinos in Tennessee. The TEL and the Sports Wagering Advisory Council could also provide a boost by approving a new operator that would generate some excitement and moment.
There were 10 states that had previously reported on July sports betting numbers, and all of those markets saw a drop of at least 20 percent from June to July. Until all of the numbers are in, it is impossible to know where Tennessee ranks in terms of market size last month.
SWAC Remains Busy
On January 1, the TEL will no longer be in charge of sports betting, and that responsibility will fall to the Sports Wagering Advisory Council. The SWAC still does not have a new Executive Director, but it appears that one could be in place very soon.
According to a report at the most recent meeting, there have been at least 50 applicants for that position, which was much more than what was expected. There are now just nine candidates remaining for consideration, and the interview process has started.
The SWAC has been consistent in planning to name a new leader before they take over in 2021, and that timeline has now been bumped up to October of this year. There is still plenty of work to do, and trying to come up with a “top three” will be the first step.
There are other rule proposals that will be voted on soon as well, but choosing a new Executive Director is the top priority before those decisions are made.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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