Tennessee Sports Betting Gets March Madness Bounce
Sports betting in Tennessee continues to rack up big numbers.
The state’s online bookmakers accepted $370.2 million in wagers in March, up 18.2% from February’s $313.2 million, according to the Tennessee Sports Wagering Advisory Council.
In February, Tennessee was ninth in the nation in the amount of money wagered on sports, just ahead of Louisiana. The March national rankings are incomplete, as states are still reporting their March monthly totals.
State Rakes In Millions In Tax Revenue
The amount wagered on sports in Tennessee during March 2022 was up 79.8% from one year earlier. In March 2021, bettors wagered $205.9 million on sports.
This year in March, the online bookmakers earned $22.7 million in combined income, once the winning bettors were paid. The state collected $4.5 million in taxes from sports betting in March.
Sports betting has been legal in Tennessee since November 2020 on mobile devices such as cellphones and computers. Tennessee does not have brick-and-mortar casinos or sportsbooks.
Tennessee Sports Betting, March vs. February
| Total Handle | Gross Payouts | Adj. Gross Income | |
|---|---|---|---|
| March | $386.060M | $343.710M | $22.751M |
| February | $313.298M | $292.353M | $15.133M |
| Change | Up 18.2% | Up 17.6% | Up 50.3% |
Vols Drive March Madness Betting Totals
The increase in sports betting statewide during March coincided with high expectations for the University of Tennessee men’s basketball team.
After clinching the SEC tournament title on March 13, the Volunteers were expected to challenge for the NCAA championship during the March Madness national tournament culminating April 4 in New Orleans.
After defeating Longwood in the first round of the NCAA tournament on March 17, however, the Vols fell two days later to Michigan, ending Tennessee’s national title hopes.
Betting Banned on Russian, Belarusian Teams
Major sports such as basketball and football are not the only options available to people wanting to place bets in Tennessee.
Bettors are allowed to wager on events in 34 categories, including bare knuckle fighting and competitions staged by the American Cornhole League.
The football category includes the NFL draft set to take place next week in Las Vegas.
However, wagering has been suspended on Russian or Belarusian leagues and teams. This is in response to the Russian invasion of Ukraine.
This prohibition does not include a ban on players from those countries participating in other leagues, such as the National Hockey League.
The NHL has 41 players who were born in Russia, according to USA Today.
More Bookmakers Added To Volunteer State List
The list of licensed online bookmakers in Tennessee has grown to 12.
Three additional bookmakers recently received approval to begin operating in the state but, by April 19, had not yet gone live. These are BallyBet, Betly Sportsbook and SuperBook.
The SuperBook app is expected to be available in Tennessee this month. Betly Sportsbook and BallyBet are projected to go live in the state in the next few months.
One bookmaker, TwinSpires Sportsbook, is discontinuing its mobile sports wagering platform across the country. It is no longer on the licensed list in Tennessee.
TwinSpires will continue to operate its horse racing app nationwide.
Here are the online bookmakers approved to operate in Tennessee, though not all are live yet in the state.
- BallyBet Sportsbook
- Barstool Sportsbook
- Betly Sportsbook
- BetMGM Sportsbook
- Caesars Sportsbook
- DraftKings Sportsbook
- FanDuel Sportsbook
- Fubo Sportsbook
- SuperBook Sportsbook
- Tennessee Action 24/7 Sportsbook
- Wagr Sportsbook
- WynnBET Sportsbook
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