BetMGM may still be the top dog in Tennessee, but FanDuel is hot on the trail. We’ve got the breakdown of individual operator performance during the month of April and are about to ruun down Tennessee’s most popular sportsbooks.
Tennessee sports betting sees dip in April
Tennessee sports betting has seen a consistent rise in popularity since its inception in November 2020. Players wagered nearly $206 million this March, the state’s second-best month since launch. Then in April, overall handle fell to barely $172 million. This didn’t come as a major surprise though, given the decline in major sporting events during the month. Wagering options were limited in April, with NBA and MLB games offering the majority of lines.
Despite this expected lull in wagers, two sportsbooks continued to dominate the market.
FanDuel, BetMGM remain Tennessee’s most popular sportsbooks
BetMGM has consistently been the top Tennessee sportsbook for the past six months. But when it comes to overall gross wagers, FanDuel continues to be its biggest competition. FanDuel surpassed BetMGM in terms of gross handle in November and December, but BetMGM took the outright lead for gross handle and net revenue after payouts once 2021 rolled around.
This April, FanDuel significantly surpassed BetMGM in terms of overall wagers and gross payouts to players. Bettors wagered an astonishing $9 million more at FanDuel than they did at BetMGM during the month. This is in sharp contrast to March, when bettors wagered slightly over $2 million more at BetMGM than at FanDuel. When it came to net revenue, on the other hand, BetMGM was the state’s top performer yet again, swooping in with over $6 million in revenue as opposed to FanDuel’s almost $5 million. Given BetMGM’s lower handle, the higher revenue is all the more impressive.
BetMGM maintains lion’s share of Tennessee market
BetMGM has consistently boasted the lion’s share of Tennessee’s sports betting market this year. In January, the brand claimed 33.8% of market share, 35.8% in February, and 34.4% in March. By comparison, FanDuel claimed 33.5% of market share in March, while DraftKings took home a 27% share.
Six sportsbooks were operational in Tennessee for the entire month of April:
- Action 24/7
- BetMGM
- DraftKings
- FanDuel
- TwinSpires
- William Hill
Despite the presence of two more sportsbooks, BetMGM still managed to retain nearly 32.7% of market share. FanDuel topped the charts with a 38% share and DraftKings lagged behind at 24%.
Nashville-based sportsbook Action 24/7 reported negative revenue for the month of March. The local brand claimed 2.2% of the state’s overall wagers and paid out nearly $61,000 more to bettors than it received in wagers. In April, the sportsbook was responsible for slightly less than 1% of all wagers. What it lost last month it made up for in April though, logging over $216,000 in revenue after payouts.
William Hill and TwinSpires both experienced their first full month of operation after launching in mid-March. William Hill bettors wagered over $6 million, while TwinSpires wagers fell shy of $1 million.
Tennessee’s newest sportsbook, WynnBET, launched in Tennessee on April 30, the final day of the month. With less than a single day of wagers to show for itself, gross handle for the sportsbook was a mere $453.
Overall sports betting handle in May will likely see another decline, though Tennessee will experience its first full month with seven sportsbooks in operation.
