Tennessee’s Sports Betting Market Sees Notable Growth in March
March marked a significant uptick in sports betting activity in Tennessee, with player expenditures reaching impressive new heights. This surge continued to reflect a year-on-year and month-on-month increase, establishing March as the busiest month since December.
The state’s gross betting handle climbed to $548.6 million (£413.1 million/€483.0 million) for the month. This figure signifies a remarkable 16.2% increase compared to the same month last year, and a substantial 32.7% rise over February’s numbers.
Notably, March broke the trend of monthly declines in gross sports handle, which had persisted since November—when a record-breaking $594.4 million was recorded. Tennessee’s legal sports betting framework was introduced in November 2020, and this latest data reflects its robust growth trajectory.
The Tennessee Sports Wagering Council provided insights into these figures and noted a modest $3.2 million in unspecified adjustments included in the total. Before these adjustments, March’s total wagers amounted to $551.8 million, showcasing a 16.5% increase from March of the previous year, and a 32.2% increase from February.
Tax revenues from sports betting didn’t go unnoticed either, with the council announcing a collection of $10.1 million in privilege tax for March. This continued influx of tax revenue underscores the economic impact of the booming sports betting sector.
While the council does not disclose specific revenue details or figures from individual operators, the competitive landscape in Tennessee features a mix of 11 active platforms. Major players such as Caesars, FanDuel, DraftKings, and BetMGM, alongside newer contenders like Fanatics and ESPN Bet, are all contributing to this thriving market. Additional operators include Betly, ZenSports, and Tennessee Action 24/7, illustrating a vibrant betting environment in the state.
As Tennessee’s sports betting landscape continues to grow, March’s figures suggest a positive trend that could signal enduring success for the industry in the months ahead.