Tennessee registers a $370 million sports betting total for March

Tennessee surpassed $1 billion in total sports wagers for 2022, with March alone accounting for $370 million in bets, hinting at a momentum driven by basketball betting.

, and ASMedia

2025 June 16 . 7:49 PM

2 min read

After recording over $370 million in bets for March, Tennessee surpassed $1 billion in total wagers... — After recording over $370 million in bets for March, Tennessee surpassed $1 billion in total wagers for 2022, driven by a surge in basketball betting.

Tennessee registers a $370 million sports betting total for March

Fresh Take: Tennessee's sports wagering scene sizzled in March, raking in over $370 million in handle – a significant uptick likely fueled by the Memphis Grizzlies and the NCAA Tourney. Probably, hoops held the throne in the Volunteer State due to the Grizzlies' star-studded roster and both Tennessee and Memphis universities reaching the second round in March Madness.

For the record books, this handle puts Tennessee third in all-time wagering, notching an 18.2% spike from February's total. Since February 2021, the handle has topped $300 million for six straight months and snagged Tennessee the ninth spot among states clearing $1 billion in handle for 2022.

Check out the top performers in sports betting YTD (March included):

New York - $4.87B
New Jersey - $3.46B
Pennsylvania - $2.11B
Nevada - $1.88B
Illinois - $1.55B
Michigan - $1.43B
Indiana - $1.39B
Tennessee - $1.07B
Colorado - $1.01B
Virginia - $887.4M

Tennessee's punters might have been up against the nine digital sportsbooks, but they've been holding their own. In March, the state's win rate was 7.2%, a small hike since February but still one of the lowest since launch. With 52% of the $4.1 billion wagered since inception coming in the last six months, it seems Tennessee's bettors are anything but predictable.

Operators claimed approximately $26.5 million in revenue, a 26.6% increase from February and 47.5% more than March 2021. Taxes amounted to over $4.5 million for March, with the first quarter earnings nearly $3.3 million ahead of last year's pace.

The regulator-friendly market, diverse operators, and Tennessee's fanatic sports culture are just a few reasons for the state's booming betting scene. From betting trends to regulatory support, there are more factors at play than meets the eye.

Sports betting in Tennessee saw a surge in March, with a handle of over $1.07 billion, placing the state in the top 8 among all states in YTD sports-betting. Despite competing against nine digital sportsbooks, Tennessee's punters maintained a strong performance, with a win rate of 7.2% in March.