Tennessee’s sports betting scene is witnessing a remarkable surge, marked by significant increases in handle and tax revenues.
Unprecedented Growth in Sports Betting Handle:
The sports betting handle in Tennessee has experienced a remarkable upswing, reaching $472 million in March 2024, which represents a substantial 20.2% increase compared to March 2023. This surge is indicative of a burgeoning interest in sports wagering within the state.
Tax Revenue Generation:
Tennessee’s unique tax structure, which levies a 1.85% tax on the gross handle of sports betting apps, has proven to be lucrative for the state coffers. In March 2024 alone, the state collected $8.7 million in taxes. This robust tax revenue stream underscores the economic benefits derived from the burgeoning sports betting industry.
Quarterly Performance Overview:
Examining the performance of the first quarter of 2024 reveals a consistent upward trajectory in sports betting activity. The total handle for the first three months amounted to $1.32 billion, reflecting a substantial 16.4% increase compared to the corresponding period in 2023. This sustained growth reaffirms the resilience and attractiveness of Tennessee’s sports betting market.
BetMGM’s Strategic Expansion:
BetMGM, a key player in the sports betting landscape, has strategically expanded its presence in Tennessee by launching a new sports lounge in partnership with the NHL’s Nashville Predators and Delaware North, its retail partner. The BetMGM Sports Lounge Restaurant & Bar, situated at Bridgestone Arena in Nashville, serves as a testament to the growing collaboration between sports entities and betting operators.
Overview of BetMGM’s Sports Lounge:
The newly inaugurated BetMGM Sports Lounge boasts an impressive 8,753 square-foot space, strategically located on the second floor of Bridgestone Arena. With entrances both from the street and within the arena, the lounge offers a convenient and immersive experience for hockey enthusiasts and visitors alike. Operating daily from 11 am to 11 pm, with extended hours during events and game days, the lounge serves as a vibrant hub for sports enthusiasts.
Tennessee’s sports betting landscape is experiencing a period of unprecedented growth, marked by surging handle figures, robust tax revenues, and strategic expansions by key players like BetMGM. As the industry continues to evolve, stakeholders must adapt to capitalize on emerging opportunities and ensure sustainable growth.