Betting expectedly falls to lowest level since September, but March Madness brings busier days, according to PlayTenn analysts
(LAS VEGAS) — Tennessee sportsbooks hit an expected post-football lull in February, posting the lowest betting volume since September, according to PlayTenn, which tracks the Tennessee gaming market.
“The Super Bowl is an important singular event, but it can’t fully replace a month filled with football games, as there were in January,” said Alec Cunningham, lead analyst for PlayTenn.com. “For that reason, February is always a slower month than January. But the lull doesn’t last long. March Madness should help the state’s sportsbooks challenge wagering records again, especially if Tennessee can make a deep run.
Tennessee’s sportsbooks attracted $313.3 million in wagers in February, up 77.7% from $176.3 million in February 2021, according to data released Tuesday by the Tennessee Sports Wagering Advisory Council. February’s handle was down 18.8% from the record $386.1 million in January and the lowest since sportsbooks took in $257.3 million in wagers in September.
February’s bets produced $20.9 million in gross revenue, up 61.1% over the $13.3 million in February 2021. But February’s win was down 42.2% from $36.2 million in January. Promotions whittled adjusted revenue to $15.1 million, which yielded $3.0 million in tax revenue.
The slowdown came in spite of $23.1 million in bets on the Super Bowl, up from $15 million in 2021.
Sports betting comes with seasonal ebbs and flows. January and March are typically much more lucrative months for sportsbooks than February and April and are baked into sportsbooks’ expectations.
More troubling for sportsbooks was the prospect of losing baseball, which is the most potent draw during the slower summer months. With the lockout ended and a full schedule on tap, those concerns have been alleviated.
“Sportsbooks breathed a sigh of relief that baseball will still play a full schedule, ensuring the primary bet generator during the summer months will be in action,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayTenn.com. “Operators can now look forward to the first truly normal sports year since 2019.”
For operator data and more information on regulated sports betting in Tennessee, visit PlayTenn.com/revenue/.
Contact: Zack Hall, Catena Media, 775-338-0745, [email protected]