Tennessee sports betting handle rises to $548.6 million in March

In March, Tennessee’s sports betting landscape witnessed a remarkable surge in player spending, marking an upward trajectory both year-on-year and month-on-month, culminating in its most substantial monthly total since December.

The gross handle for March reached an impressive $548.6 million (£413.1 million/€483.0 million), reflecting a robust increase of 16.2% compared to the previous year, and a noteworthy 32.7% rise from February’s figures.

Notably, March was the first month since November in which gross sports handle experienced a month-on-month increase. This positive trend follows a historic peak of $594.4 million set in November 2020, coinciding with the launch of Tennessee’s legal sports betting market.

The data released by the Tennessee Sports Wagering Council indicates gross handle figures for the month, which also included $3.2 million in unspecified adjustments.

Before these adjustments, total sports wagers for March reached $551.8 million, surpassing last year’s figures by 16.5% and showing a 32.2% increase over February.

On the regulatory side, the council reported the collection of $10.1 million in privilege taxes from sports betting activities during March.

While specific revenue data or figures from individual operators in Tennessee remain confidential, the state currently hosts a competitive market with 11 active platforms. Noteworthy operators include Caesars, Bally Bet, FanDuel, DraftKings, Fanatics, ESPN Bet, BetMGM, and Hard Rock Bet. Additional entries such as Betly, ZenSports, and Tennessee Action 24/7 enrich the state’s diverse sports betting ecosystem.

This latest data underscores the vibrant and expanding nature of the sports betting industry in Tennessee, propelled by increasing consumer engagement and a varied selection of platforms catering to diverse betting preferences. As the market continues to mature, operators and stakeholders alike are positioned to capitalize on emerging trends and innovations within this dynamic sector.