Tennessee Sports Betting Hits $550M in March Madness Surge
Tennessee’s sports betting scene lit up in March 2025, with the Tennessee Sports Wagering Council (SWC) reporting a gross handle of about $551.7 million.
A Hot March for Tennessee Bettors
It’s a big leap from February’s $417.4 million, up 32.2% to 37.2%, fueled by March Madness. This haul, the highest since December’s $570 million, keeps Tennessee among the top 10 U.S. betting markets.
The state’s iGaming market saw a solid 15% to 16.5% year-over-year growth from March 2024. March Madness, with Tennessee’s Volunteers as a No. 2 seed, drove bets.
The $551.7 million handle, though shy of November 2024’s record $598.6 million, added $10.1 million in privilege taxes, up 14% from February’s $8.7 million.
With 80% of taxes funding education, Tennessee’s $4.7 billion 2024 handle keeps giving back.
March Madness Fuels the Fire
March’s betting spike, up from January’s $543.6 million, reflects the NCAA tournament’s pull. Platforms like FanDuel, DraftKings, and BetMGM, among Tennessee’s 11 active sportsbooks, handled heavy action on college basketball.
The state’s online-only model, launched in November 2020, saw 70% of bets on mobile apps. Adjustments of $3.2 million trimmed the gross to $551.8 million, but the surge still outpaced last year’s $475 million March handle.
Taxes hit $10 million to $10.1 million, with the SWC’s 1.85% handle tax, unique in the U.S., delivering steady revenue This structure, set in July 2023, swaps the old 20% revenue tax for predictability.
Recommended