DraftKings, FanDuel, and BetMGM are believed to be in a three way race for market leading status in Tennessee, with William Hill and TwinSpires hoping to halt the momentum following recent launches.
The Volunteer State, which detailed its first month-on-month decline in February, bounced back in March later as bettors placed $205.9m in wagers, which is up 16.8 per cent from February’s $176.3m. This fell short of the record of $211.3, set in January.
“Tennessee is beginning to normalize after that initial burst, but March is proof that the state is still very much in a period of significant growth,” said Jessica Welman, lead analyst for PlayTenn.com.
“Locals have been quick to embrace sports betting, and operators have invested heavily in the market. That has made up for what has been a somewhat rocky road in the state.”
March’s wagers produced $16.1m in adjusted gross income, which is up 23.8 per cent from $13m in February and is only topped by January’s $21.8m. The brisk action in March yielded $3.2m in state taxes.
With March’s bets, Tennessee sportsbooks have now generated $905.8m in wagers since November’s launch, falling just shy of becoming the quickest US state to reach $1bn in lifetime handle.
“Even with the early knockout of Tennessee, the state’s lone representative in this year’s NCAA Tournament, March Madness was still a huge draw,” noted Nicole Russo, analyst for PlayTenn.com. “It has been an interesting ride so far in Tennessee, but the foundation of the market remains strong.”