Tennessee Looks to Hire Sports Betting Executive as Revenue Continues to Rise in State

The Tennessee sports betting industry continues to put up some big numbers, even though there have been some challenges along the way. June was another good month for the industry in terms of revenue, but some big decisions remain for the Sports Wagering Advisory Council. 

There are still just seven online sportsbooks available in the state of Tennessee, but these operators saw a nice month in June. Both the total handle and sports betting revenue jumped last month after a disappointing month of May. 

Last month’s total sports betting handle was $174.5, which was a jump of 8.5 percent from May. This is typically a slow time for the entire US sports betting industry but showing growth is a positive sign. 

The Tennessee Education Lottery (TEL) announced the jump in the handle, and it was also a great month for total sports betting revenue as well. The adjusted gross income was $16.1 million, and that factors in the amount of money paid out for promotions. 

The privilege tax for the state was $3.2 million, which was an increase of more than 18%. All of these numbers reflect a positive month of sports betting for Tennessee. 

Tennessee had seen the total handle drop for three straight months, and snapping that trend was needed. The next major month for betting in Tennessee will come in September, when the NFL season begins. 

Before that happens, the state could see a number of new operators entering the market. The TEL has confirmed that they have received a sports betting application from five different potential operators. 

Three of those applications have already been reviewed, and a decision will be delivered in early August. This should also help the state see a boost in numbers, but the current sports-betting leaders will not be challenged. 

FanDuel, BetMGM, and DraftKings continue to lead the way in Tennessee, and all three operators just had their licenses renewed. 

September Target Date For New Executive 

The Sports Wagering Advisory Council is set to become the top governing body of sports betting on January 1, but this group is still without its top executive. The SWAC has set a target date of September for a new executive to be in place, but there are several steps that need to be taken. 

Applications are currently being accepted for that new position, and those will be accepted all the way through August 11. At that time, the SWAC will begin going through the applications to narrow the field. 

At one point, the SWAC discussed seeking the help of a search firm, but they believed it would take too long. There have already been a large number of applications received, and the SWAC is hoping to update the job description. 

Danielle Boyd was the previous top executive for the SWAC, but she left the position in March. There was hope that the SWAC would receive interest from others in the gaming industry to help this become a smooth transition.