Tennessee Sports Betting Surges in March

Tennessee’s sports betting market roared back to life in March, with players wagering $548.6 million — a marked recovery both month-on-month and year-on-year. According to newly released figures from the Tennessee Sports Wagering Council, the March handle represents a 16.2% increase from March 2024 and a significant 32.7% rise from February 2025. This makes March the most lucrative month for the state’s sportsbooks since December, signaling renewed bettor activity following a relatively sluggish start to the year. With the NCAA’s March Madness tournament playing a central role in driving engagement, the monthly figures suggest that Tennessee’s bettors returned in force to take advantage of the sports calendar’s busiest betting period since the NFL playoffs.

The resurgence is particularly notable given the downward trend in betting activity observed in the first two months of 2025. March broke that pattern, becoming the first month since November 2024 to record an increase in handle over the previous month. November had seen Tennessee post an all-time monthly handle record of $594.4 million, a peak that coincided with both the height of the football season and the early stages of the NBA calendar. March’s return to growth reflects the cyclical nature of sports wagering in the U.S. and underlines the influence of marquee sporting events on player behavior. The uptick also suggests that Tennessee’s digital-only model remains responsive to national sporting trends, with local bettors continuing to participate enthusiastically in major events.

Adding to the picture of market strength, the Wagering Council also reported $3.2 million in unspecified adjustments to the monthly figures. When accounting for these, the raw or pre-adjusted handle for March stood at an even higher $551.8 million. This total exceeded last March’s handle by 16.5% and topped February’s adjusted handle by 32.2%. While the nature of these adjustments was not disclosed — a standard practice in Tennessee's regulatory reporting — they are typically related to promotional credits, refunds, or error corrections. The adjustments do little to dilute the underlying trend: March was a month of robust growth for Tennessee sports betting, driven by both casual participants and more dedicated bettors likely drawn by high-profile events and operator incentives.

Although revenue figures and operator-level breakdowns are not publicly released in Tennessee, the state’s collection of $10.1 million in privilege tax during March offers a proxy for estimating the industry’s financial performance. Tennessee imposes a flat 1.85% tax on all gross wagers, so the tax revenue figure corresponds to the overall volume of activity rather than net operator earnings. This approach means that while we cannot directly assess sportsbook profitability, the rising tax revenue confirms the scale of betting taking place. The steady increase in privilege tax receipts over time also suggests that the market is continuing to generate substantial fiscal benefits for the state, reinforcing the economic rationale behind legalizing sports betting back in 2020.

The Tennessee market is currently served by 11 active sports betting platforms, including major national operators such as Caesars, Bally Bet, FanDuel, DraftKings, BetMGM, ESPN Bet, and Fanatics. These brands compete alongside smaller or niche offerings like ZenSports, Betly, Hard Rock Bet, and Tennessee Action 24/7 — the latter being one of the few locally based platforms. While operator-level performance remains opaque, competitive pressure is likely high, with each platform vying for player acquisition and retention in an increasingly crowded landscape. In the absence of granular financial data, analysts often look at advertising intensity, promotional strategies, and app rankings to infer market share dynamics, especially during key sporting events like March Madness.

 

March’s surge in wagering activity underscores how pivotal major sporting events remain to Tennessee’s digital-only market — it's a clear reminder that seasonal spikes can still deliver substantial gains when operators effectively align promotions with the sports calendar.

 

Conclusion

Looking forward, the challenge for Tennessee’s operators will be sustaining momentum through the spring and early summer — traditionally slower periods for sports betting in the U.S. With the conclusion of the NCAA basketball season, attention shifts to the NBA playoffs, early-season MLB games, and events like The Masters. While these offer opportunities for continued engagement, they typically do not drive the same volume of wagers as the NFL season or college basketball tournaments. Operators may need to double down on promotions, live betting features, and user experience enhancements to keep betting volumes elevated during the quieter months. Nevertheless, March’s performance is a strong indicator that the Tennessee market remains resilient and capable of bouncing back sharply in response to compelling sporting narratives.