Tennessee’s sports betting market continues to thrive, with the March 2023 figures revealing a robust performance. The state’s sports betting handle reached an impressive $392.7 million, representing a year-over-year increase of 6.1%. Compared to February’s $327.3 million, the handle experienced substantial month-over-month growth, rising by 20%.
Notable Revenue Surge
Accompanying the remarkable handle figures is a notable revenue surge. In March, the state generated $43.7 million in revenue from sports betting, marking an impressive 92.1% increase year-over-year and a substantial 37.2% growth compared to February. The state benefited significantly from sports betting, as it contributed $8.8 million in tax revenue. Tennessee applies a 20% tax rate on operators’ Gross Gaming Revenue (GGR).
KeyStar’s Application for ZenSports License
In a strategic move, KeyStar has submitted a sports wagering license application for ZenSports in Tennessee. ZenSports offers both a traditional sportsbook and a peer-to-peer sports betting marketplace. KeyStar’s CEO, Mark Thomas, expressed the company’s enthusiasm for the Tennessee launch, stating, “Tennessee is the perfect first state for us to launch ZenSports in. Tennessee has demonstrated significant technology innovation and is one of the fastest-growing states for sports wagering.”
The steady growth and thriving sports betting industry in Tennessee showcase the state’s ability to attract both operators and bettors, contributing to its status as a dynamic market in the world of sports wagering.
Tennessee’s sports betting industry continues to impress with strong year-over-year and month-over-month growth in both handle and revenue. This sustained growth, combined with strategic initiatives like KeyStar’s application for ZenSports, highlights the state’s position as a flourishing and innovative hub for sports wagering. With a promising future, Tennessee’s sports betting market remains one to watch.