BetMGM Takes The Lion’s Share Of Tennessee Sports Betting Market

Posted on May 7, 2021

When it comes to Tennessee sports betting, BetMGM is now the leader of the pack.

According to a market share report released by the Tennessee Education Lottery (TEL), the self-dubbed “King of Sportsbooks” has, in fact, taken reign in Tennessee.

BetMGM becomes Tennessee’s king of sportsbooks

At the beginning of 2020, BetMGM Tennessee Sportsbook was fully operational in only three states. Now, the sportsbook has expanded to ten markets across the country.

The brand’s colossal rise can be witnessed in many states, but nowhere is it more evident than in Tennessee. As far as market share goes elsewhere, BetMGM ranks second in Colorado and third in Indiana, New Jersey and West Virginia.

In Tennessee, BetMGM reigns supreme.

The TEL’s market share report breaks betting handle down by sportsbook, revealing that BetMGM’s popularity in the state is more than just happenstance.

Even with new sportsbooks entering the picture, bettors wagered almost $71 million on BetMGM in March, allowing the sportsbook to earn 34% of market share in Tennessee.

When you take a deep dive into the numbers, the sportsbook’s ascension traces back to the very start.

BetMGM climbs the leaderboard

During its year-end earnings call in mid-February, BetMGM reported collecting 34% of Tennessee’s gaming revenue during November and December of last year.

While it wasn’t the top-grossing book during each of those months, it was the top performer in terms of net revenue.

By January 2021, BetMGM took the cake as far as net revenue and betting handle. The sportsbook snagged 33.8% of market share in January and 35.8% in February.

Tennessee sportsbooks duel for dominion

BetMGM is far from the only Tennessee sportsbook on the hunt for supremacy. At least one other operator is hot on its trail.

FanDuel Sportsbook TN  launched in the state as the top operator, and only lagged behind BetMGM by roughly $2 million in March, gathering $69 million in total wagers. This amounted to 33.5% of market share for the brand.

Perhaps most surprising of all is DraftKing’s share of the market during March, which dwindled to less than $56 million, roughly 27% of the state’s total wagers.

In most other markets nationwide, DraftKings firmly holds the top position each month.

William Hill got a late start in Tennesseee, shooting out of the gate on March 11. With only 21 full days of operation during the month, it jockeyed into fourth position with 2.5% of wagers. The William Hill brand may be relatively new to Tennessee bettors, but recent buzz surrounding a potential rebranding to Caesars Sportsbook could help catapult the operator to an even higher position in the market.

Local sportsbook Action 24/7 was the only operator to log negative revenue for the month. Although it claimed 2.2% of Tennessee’s wagers, the Nashville-based sportsbook paid out roughly $61,000 more to bettors than it received in bets.

That loss reflects the sportsbook’s other struggles during the month. Action 24/7 sat on the sidelines for the first week of March Madness after the Tennessee Education Lottery suspended its license.

For TwinSpires and the newest Tennessee online sports betting app, WynnBET, we will have to wait and see what a full month in the market does to shake things up.

April will provide a much clearer picture of how Tennessee’s newest sportsbooks fare in the lion’s den.

But for now, this kingdom belongs to BetMGM.

Photo by Dreamstime
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Alec Cunningham

As a college athlete, Alec Cunningham played Division II golf at Tusculum University. She graduated in 2015 with a bachelor’s degree in Journalism and Professional Writing. Alec has spent the last five years working in the music industry as a concert promoter, tour manager and artist developer. As a journalist, she has covered a variety of topics and currently specializes in the Tennessee online sports betting industry.

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