The ides of March were kind to Tennessee sportsbooks, with a 20% jump in sports betting handle during the third month of the year.
In total, the state’s sportsbooks reported $392,667,304 in wagering handle during March, up 20% from February’s total of $293,382,270. The figure also represented a 1% jump year-over-year, from the $343,709,536 the facilities took in during 2022.
As far as Tennessee’s adjusted gross income from sports betting is concerned, March’s total topped out at $43,734,787, representing a 37.3% increase from the state’s total during February ($31,844,712) and a 92.2% year-over-year increase from 2022’s sum of $22,751,210.
Last but not least, Tennessee wagering taxes during March wound up at $8,752,898, up 37.2% from February’s haul of $6,380,150 and 92.4% year-over-year from 2022’s total of $4,550,242.
For the first quarter of the year, sports betting operators in the state, meaning all online Tennessee sportsbook apps, raked in $1,096,823,180 worth of wagering handle, up 2.5% from the $1,069,588,065 the sportsbooks made during same period a year ago.
During the same period, Tennessee sportsbooks saw $116,972,085 in gross income during the first three months of the year, putting a bow on the first quarter in the Volunteer State.
Where Tennessee Ranked In March
Nationally, Tennessee had the seventh largest sports betting handle for March, though some states have yet to report data for the month.
As of now, the state ranks behind Michigan ($421.666 million) and ahead of Maryland ($386 million), Louisiana ($249.3 million) and Iowa ($232.6 million) on the national stage.
The top two states for sports betting handle during March were New York, with $1.79 billion in wagers, and New Jersey, which also broke the $1 billion plateau, finishing the month at $1.03 billion.
Pennsylvania and Massachusetts currently rank third and fourth nationally, with wagering handles of $723.5 million and $568.1 million, respectively.
Tennessee sportsbooks set records repeatedly toward the end of 2022 but, as football ended, the sports betting handle came down in February. However, that appears to be the exception, rather than the rule in the Volunteer State.
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