- Tennessee sports betting had a surge in activity in March due to gamblers wagering on the March Madness tournament.
- The Volunteer State is home to four mobile sportsbook platforms.
- March brought in $205.9 million in handle.
NASHVILLE, Tenn. – The Tennessee Education Lottery (TEL) recorded a 17% jump in sports betting activity in the state for March that was seen in their report released last week. The month closed out with $205.9 million in handle; $5.4 million shy of the Tennessee record of $211.3 million that was collected in January. Even with the issues the TEL has been having recently when it’s come to its sports betting industry, it showed no effect on the market in terms of sports bettors placing action on the games.
The March Number Breakdown
March Madness was a big selling point for regulated sportsbooks in Tennessee receiving bets for March. A number of gamblers in the Volunteer State got in on the wagers for the tournament. The numbers jumped from a February handle of $176.3 million to a March handle of $205.9 million.
Mobile sportsbooks, the only sports wagering operators available in Tennessee, paid out $163.3 million to winners in February and $187.9 million in winning bets for March. Taxes collected were up over half a million dollars month-over-month.
February brought in $2.6 million in taxes while March had $3.2 million in taxes collected for the state from the Tennessee sports betting industry. These figures are a combined effort from the four sportsbook operations currently active in the state. Tennessee has BetMGM, DraftKings, FanDuel, and Tennessee Action 24/7 that are all open for betting statewide.
The Outlook For April
The TEL’s March report shows a positive outlook for sports betting in the Volunteer State in the coming months. Although March Madness was a huge contributing factor, the MLB is now in full swing, literally.
Plenty of baseball fans in Tennessee will be wagering on the games. That and the NBA matchups should bring in similar figures for April and beyond. There is a revolving door of sporting events set to happen for the duration of the year, and with them comes betting lines for Tennesseans to gamble on to further boost the future revenue numbers for the Tennessee sports wagering market.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.