Fueled by March Madness, Tennessee sportsbooks see 80% year-on-year growth
With $370m in wagers, this marks the state’s highest total handle in a month without football.
In a trend reflected across the nation, Tennessee’s sportsbooks had a successful month in March despite the lack of football.
This success, propelled by the NCAA basketball tournament, saw the region bring in $370.1m in wagers, the highest total the state has achieved in a non-footballing month.
This handle marks a 79.8% year-on-year increase when compared to 2021’s $205.9m. Moreover, as reported by the Tennessee Sports Wagering Advisory Council, this also reflects a 18.2% boost over February of this year.
Overall, $370m in bets is the third-highest monthly betting total since the state launched its market almost 18 months ago.
From this handle, sportsbooks in the Volunteer State raked in approximately $26.5m in gross gaming revenue, a 26.6% increase over the $20.9m earned in February. Of this revenue, $4.6m was used for state taxes.
As is typical for this time of year, much of the excitement around sports betting in March was directed at March Madness, the nation’s largest collegiate basketball competition.
Tennessee’s men’s team had a decent run, reaching the last 32, the women’s team however saw some success, reaching the Sweet 16 and impressing throughout.
March is usually the final month of sports betting growth before the industry enters a lull for the summer. However, with the continued expansion of the market, with New York launching to huge success earlier this year, it remains to be seen as to whether 2022 will follow this trend.
Indeed, with a series of golf tournaments and some NBA playoff matches, Tennessee’s market should remain strong during the summer months.
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