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Tennessee sees new pioneers rising as state recovers
BetMGM, FanDuel and DraftKings are now thought to be in a race for the status as market leader of Tennessee, as William Hill and TwinSpires hope to stop this drive after their latest launches.
The state saw its first decrease month-on-month back in February as it reported its recovery last month when bettors in the state placed $205.9 million in bets, a 16.8% increase from the amount in February.
Jessica Welman, PlayTenn.com lead analyst, remarked:
“Tennessee is beginning to normalize after that initial burst, but March is proof that the state is still very much in a period of significant growth. Locals have been quick to embrace sports betting, and operators have invested heavily in the market. That has made up for what has been a somewhat rocky road in the state.”
Bets in March brought in $16.1 million in adjusted gross income, which is also an impressive 23.8% rise from the $13 million seen the previous month. The rapid action in March also accumulated about $3.2 million in taxes.
With the bets placed during the month of March, the sportsbooks in the state have been able to bring in $905.8 million in bets since the debut back in November.
Nicole Russo, PlayTenn.com analyst, also added:
“Even with the early knockout of Tennessee, the state’s lone representative in this year’s NCAA Tournament, March Madness was still a huge draw. It has been an interesting ride so far in Tennessee, but the foundation of the market remains strong.”
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