Tennessee’s March Gross Mobile Sports Betting Shows Stable Growth
Following three successive months of decline, gross mobile sports betting in Tennessee was up 20.6% year-on-year in March at $473.6 million.
LISTEN TO THIS ARTICLE:This is a significant improvement on the $392.7 million bet in Tennessee in March 2023 and it was also a considerable increase of 25.2% on the $378.2 million bet in February this year. However, the figure is still far below the $515.5 million bet by players in the state in November 2023.
Increase in Privilege Tax Collected
After accounting for $1.6 million in adjustments, Tennessee’s sports betting handle reached $472 million in March. The state saw an increase in privilege tax from sports betting, collecting a total of $8.7 million. This figure represents a 24.8% rise from February's $7 million. However, it was a slight decline of 0.5% compared to the same period last year, despite the increase in handle.
The Tennessee Sports Wagering Council does not release any data on monthly revenue or specific details about individual operator performances.
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Operators Active in Tennessee
Although there is not much specific data on Tennessee, the state is home to several prominent operators in the US sports betting industry. Since the legalization of the market in November 2020, major operators such as BetMGM, FanDuel, and DraftKings have been active.
Recently, Fanatics Sportsbook joined the Tennessee market, launching in August 2023. Another new entrant, ESPN Bet, started operations in November as part of a broader introduction across 17 states.
Additionally, Hard Rock Bet made its debut in September 2022. Caesars Sportsbook also operates in the state, maintaining a multi-year sports betting partnership with the Memphis Grizzlies, a Tennessee-based NBA team.
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