Both Tennessee and Michigan’s monthly handles bounced back after declining in February. Sportsbook operators in both states took a hit as there weren’t many important sporting events taking place beside the Super Bowl.
Breaking Down Tennessee’s Sports Betting Handle
Bettors in Tennessee can only place wagers online as the Volunteer State doesn’t offer retail sports betting. Mobile sportsbook operators accepted $370.2 million in bets in March, which increased by 18.2 percent from February’s $313.2 million, according to the Tennessee Sports Wagering Advisory Council.
In February, Tennessee ranked ninth based on how much money was wagered in the jurisdictions. The rankings in March are incomplete as more states are reporting their numbers, but as a whole, the industry has rebounded.
When comparing the handle from a year ago, March 2022’s handle is up 79.8 percent from March 2021’s $205.9 million. The mobile sportsbook operators generated $22.7 million in revenue, and the state was able to collect $4.5 million in taxes.
More Sportsbooks Enter Tennessee
The list of licensed sportsbooks in the state has grown to 12. BallyBet, Betly Sportsbook, and SuperBook have received approved licenses but are not operational as of yet. Superbook is expected to go live this month, and Betly Sportsbook and BallyBet are expected to go live in the next few months.
TwinSpires Sportsbook will continue to operate its horse racing app across the country. However, the company will discontinue its mobile sportsbook platform as the company decided to walk away from it after the brand was in the red. The platform is no longer licensed in Tennessee.
Looking at Michigan’s Sports Betting Handle
Michigan’s handle also witnessed a rebound as sportsbooks accepted $480 million in wagers which is an increase of 13.3 percent from February’s $423.8 million. When comparing the figures from last March, the numbers were up 25.1 percent more than March 2021’s $383.7 million.
Bettors in the Great Lake State wagered $451.6 million of the overall handle online, which increased by 13.4 percent from February’s $398.4 million. When comparing the numbers from a year ago, this year’s March numbers were up 25.6 percent higher than March 2021’s $359.5 million.
Sportsbooks in Michigan won $32.4 million in revenue as the adjusted gross sports betting revenue was $16.6 million. The adjusted gross sports betting declined 24.1 percent from March 2021’s $21.9 million. February was a month the market wanted to forget as it was in the red with -$4.8 million.
The state was able to collect $878,225 in March as the difference jumped by 143.7 percent from February’s $360,354.
Which Sportsbooks Had the Most Success in Michigan
For the third straight month, FanDuel had the highest handle out of all its competitors. BetMGM’s handle was $108.1 million, and DraftKings rounded out the top three with a handle of $102.9 million.
FanDuel was also the most profitable operator in the state, with $8.7 million in adjusted gross sports betting revenue. BetMGM reported $4.5 million in adjusted gross sports betting revenue, and DraftKings reported 865,293 to be in third place once again.
Michigan’s online and poker rooms continue their hot streak as they beat the previous record that was set in February in terms of revenue; they reached $131.7 million compared to $122.8 million in February. The average revenue per day was still less in March as there are fewer days in February, $4.4 million in February compared to $4.2 million in March.
Another Sportsbook Will Be Entering Tennessee
Golden Nugget Sportsbook partnered with Keweenaw Bay Indian Community. It had $261,894 in adjusted gross sports betting revenue which was a solid gain compared to just $39,897 in January and $19,054 in February.
PointsBet also gained market access with a partnership with Lac Vieux Desert Band of Lake Superior Chippewa Indians. PointsBet adjusted gross sports betting revenue was in the red for the last two months, which include January with -$254,180 and -$343 in February. March was finally in the black with $338,796.
The Michigan Gaming Control Board gave out a license to Soaring Eagle Gaming. It will be the 15th operator to go live in Michigan as it will launch an online sportsbook and casino platform, and GAN will be the platform provider.