March Madness had a similar impact for Tennessee’s sports betting industry through March as it has across many other US jurisdictions, with the region securing its best performance in a month without NFL action.
Tennessee’s sportsbooks gained $370.2m in wagers in March, which is up 79.8 per cent from the $205.9m secured one year earlier, according to data released by the Tennessee Sports Wagering Advisory Council.
This also topped February’s $313.3m handle by 18.2 per cent and marked the third-highest monthly wagering total since Tennessee launched sports betting in November 2020.
Sportsbooks won $26.5m in gross revenue from March’s wagers, an increase of 47.3 per cent over the $13.3m in March 2021 and up 26.6 per cent from the $20.9m win that was secured through February. Promotional spending adjusted net proceeds to $22.8m, yielding $4.6m in tax revenue.
“Even without a Tennessee team making a deep run in the NCAA tournament, sportsbooks were able to beat expectations,” said Alec Cunningham, lead analyst for PlayTenn.
“March is the busiest non-football month of the year, and this year’s wagering topped all but the two busiest months of the football season, too. This shows an engaged base of bettors that have an interest that goes beyond the state border.”
March is typically the strongest month for sportsbooks outside of the football season, and offers one last boost before slowing through the summer.
The region’s sportsbooks also gained further local help as Tennessee’s men’s and women’s teams featured in the NCAA basketball tournament.
Furthermore, analysts also state that bettors remained engaged after Tennessee’s basketball teams had exited their respective tournaments in the round of 32 and 16, respectively.
“The industry is well-positioned heading into the slow season, during which the NBA playoffs, baseball, and major golf tournaments are the main attractions,” stated Eric Ramsey, an analyst for the PlayUSA.com network.
“Most importantly, the industry has made a significant leap forward over the last seven months, and should be poised for another jump this fall when football returns.”