Buoyed by the availability of wagering on the NCAA tournament for the first time since legal sports betting went live in Tennessee, sportsbook operators in the state reported handle of $205.9 million for March, according to a release from the Tennessee Education Lottery Corporation on Friday.
The number came close to the all-time mark of $211.3 million in January, and it was also the second time in five months that handle in the Volunteer State cleared $200 million. The total for March represented a 16.8% increase on February’s handle of $176.3 million, though February is also a month where handle usually dips due to the fewer number of days and the Super Bowl being the only NFL game played.
Overall, nearly $905.3 million has been wagered since four operators first went live on Nov. 1, 2020. Three more have since started accepting wagers. The TELC report also pushed the reported cumulative national sports wagering handle in the post-PASPA era dating to June 2018 over $50 billion.
Bettors in Tennessee did not have much local action for March Madness as the fifth-seeded Volunteers made a first-round exit at the hands of Oregon State. That may have helped operators, however, as they recorded an 8.74% win rate for the month and generated $18 million in gross gaming revenue. The latter figure is also the second-highest among the five months thus far, trailing only January’s total of nearly $20.9 million.
The TELC reported adjusted gross revenue of $16.1 million for March, which resulted in $3.2 million for the tax coffers with the state rate of 20%. Tennessee has received at least $2 million in tax receipts in each of the five months since launch and more than $15.5 million overall.
Tennessee discloses few specifics when it comes to sports betting figures — there is no breakdown of handle and revenue by operator or sport.