March Madness might not rank on quite the same scale as the Super Bowl. But according to March sports betting numbers in Tennessee, the two come pretty darn close.
March wagering sees Tennessee sports betting increase
The Tennessee Sports Wagering Advisory Council (SWAC) released its March revenue report Tuesday morning, revealing that Volunteer State bettors dove deep into the NCAA Tournament madness this year.
Tennessee wagering enthusiasts put a total of $370.2 million on the line, up 18.2% from the previous month of February. Compared to 2021, March 2022 wagers resulted in a 79.8% increase year over year.
The state itself also walked away with happy pockets, bringing in almost $4.6 million in privilege tax – an entire 15.3% more than their $3 million tax revenue in February.
March wagering totals are as follows:
March 1 – March 31
- Gross Handle — $370,230,004
- Gross Payouts — $343,709,536
- Adjusted Gross Income — $22,751,210
- Privilege Tax Collected — $4,550,242
2022 March Madness betting sets fire to previous totals
A hearty schedule of NFL football started the year off strong with a hefty January sum of $386.1 million. Then in February, Super Bowl played an integral role in the state’s respectable wagering numbers.
February 2022 wagering saw a 77.7% year-over-year increase, though the overall handle still marked an 18.8% decrease from January’s record-setting sum.
February and April traditionally tend to be slower months for sportsbooks since no season-ending tournaments take place to bolster wagering activity. Consequently, Tennessee bettors posted the lowest numbers of the year this February, wagering only $313.3 million.
January and March, on the other hand, are often mega months for bettors. The Super Bowl and March Madness serve as the final two hoorahs before spring break and the ensuing summer slowdown.
Luckily, bettors had a variety of Tennessee-based NCAA Tournament talent to wager on. The Tennessee Volunteers men’s basketball team made it to the round of 32 before losing in an upset against the No. 11 Michigan Wolverines.
The Lady Vols ventured slightly further, earning a spot in the Sweet 16 against the No. 1 Louisville Cardinals before logging a loss.
Summer slumps on the horizon
April will certainly have its own thrills in store as bettors to turn their focus to Major League Baseball, the traditional focal point of warm weather wagering.
Granted, those numbers likely won’t compare to the madness of March. But now that the MLB lockout has concluded and regular season is underway, baseball fans are stepping up to the betting bat.
March sports betting revenue is yet another clear indication that Tennessee sports betting continues to grow. And with the potential exception of the summer months ahead, it doesn’t look to be slowing down anytime soon.