Tennessee’s sports betting handle sees a slight decline in February after a record-breaking January. Sportsbook operators in Tennessee brought in $313.3 million, which notes an 18.8 percent decrease from January’s $386.1 million.
Why Tennessee Sports Betting Numbers Dropped For the Month
The gross payouts came out to be $292.4 million, which signifies a decrease of 16.2 percent from January’s $349.8 million. The adjusted gross revenue was $15.1 million, which was down 48 percent from January’s $29.1 million. The state’s privilege tax was also down 48 percent from $5.8 million to just $3 million.
February isn’t usually a good month for many jurisdictions in the industry as the sports schedule has fewer events to choose from. Besides the Super Bowl, there are no other football games bettors across the state can place wagers on. The NBA and NHL also had their All-Star weekends, which halts the season for a few days.
However, Tennessee and other states throughout the industry look to make a comeback in March. The Volunteer State is home to the Memphis Grizzlies, who are second in the Western Conference with a 47-22 record, and the Tennessee Volunteers, who will compete in March Madness.
Average Betting Volume on March Madness Could Break Records This Year
Across the sports betting industry, March is one of those where the handles are the highest due to March Madness. Fans and bettors across the state also have widespread support for the Tennessee collegiate program as they have a realistic shot of making a run in the tournament for both men and women.
The number three seed Volunteers are heavy favorites against the Longwood Lancers, who are the number 14th seed. Tennessee is coming off a win over Kentucky to claim the SEC Championship. On the other hand, Longwood punched their ticket to the dance by their performance in the regular season and becoming the conference tournament champions in the Big South.
Many sportsbooks offer different odds in regards to Tennessee’s odds of winning the National Championship and making it to the final four. The program has a lot of talented players on the team as they were 26-7 during the season, and sportsbooks have listed their odds of winning the championship from anywhere between +1400 and +2000.
On the women’s side, Tennessee is the number four seed with a 20-4 record in the regular season. The Tennessee women are currently +5500 to win the national title as they play against Buffalo in the opening round.
Tennessee’s Sports Betting Market Will Add More Sportsbooks
Tennessee’s sports betting market will add more sportsbooks to its arsenal. The state only offers mobile sports betting as the state doesn’t have any brick-and-mortar casinos.
The Tennessee Sports Wagering Advisory Council gave three sportsbooks last week, which include BallyBet, SuperBook, and Betly Sportsbook. On the other hand, TwinSpires Sportsbook will be discontinuing its platform as the company witnessed a negative revenue in the sports wagering department.
According to TwinSpires’ owner, Churchill Downs Inc, the TwinSpires horse racing app is set to continue. Tennessee’s sports betting market will offer its bettors more options to choose from in just a few months when BallyBet, SuperBook, and Betly Sportsbook launch soon.