March Madness seems to get better every year, and the 2022 version has not disappointed. Some favorites have dominated, while others have been dumped out much sooner than expected. Every tournament needs a Cinderella, and Saint Peter’s is one of the most heartwarming underdogs in recent memory. This tournament has shown that anything can happen, and US bettors have had a great time trying to predict these games and sometimes making great profits.
Tennessee Sports Betting Market off to Flying Start
The launch of legal sports betting in Tennessee came with a lot of anticipation by punters and sportsbooks alike, and the Volunteer State delivered in a big way.
On November 1, 2020 Tennessee debuted its first legal sports betting, and set history by becoming the only state in the US that offers sports betting online only, with no brick and mortar sportsbook venues. The first operators to go live were BetMGM, FanDuel and DraftKings which all went live on November 1st, together with Tennessee Action 24/7 which is a dedicated online sportsbook created for, and run exclusively in the Volunteer State.
There were many factors in favor of the Tennessee launch, with the leading sports betting operators in the US being first to the gate in order to take momentum of the new legislation, as well as one unique operator that is exclusive to the state and has set on a mission to provide dedicated, local service in the Volunteer State. As Tennessee Action 24/7 stated in its mission, it is a sportsbook ‘made for Tennesseans, by Tennesseans’.
There is also of course the fact that Tennessee is a football-crazy state, and the launch came in the middle of the hype of the NFL and NCAA Football season. Add the fact that Tennessee is the first state that provides sports betting online only, with no competition from brick and mortar sportsbooks, to see that all factors come together to give Tennessee the best starting month in US history.
The first week of November saw over $27 million in wagers placed in online sports betting throughout the state, according to a report that was released by the Tennessee Education Lottery – the state’s body that regulates sports wagering.
During the first week of November, the four operators paid out in winnings an estimated $23.9 million, leaving them with gross profits of around $2.54 million for their first week of operation. From the monthly total of $27.4 million, wagers worth more than $5 million were placed on the November 1 launch day. Officials say that most of the bets were placed on football, with 60% and 40% of wagers placed on the NFL and College Football respectively.
While residents and visitors to Tennessee were having a great time betting from their computers or mobile devices, and of course some of them being lucky winners, the Volunteer State also started making profits, earning $509,000 in tax income on the wagered placed in the first week.
For the entire month of November, Tennessee sportsbooks generated $131.4 million in handle. That is the highest first month ever, a landslide over the former $35 million record set by Indiana in September 2019. The state of Tennessee earned takes of $2.4 million for November.
The lottery board said that 80% of the tax will be allocated to the state’s Lottery Education Fund, 15% to the General Fund for local governments and the remaining 5% to the Department of Mental Health and Substance Abuse Services – allocated to gambling-addiction support programs.
Prior to the launch, state officials projected that Tennessee’s first year of legalized sports betting will generate $41 million for the state, $7.6 million for local governments and $2.5 million for responsible gambling programs. With more operators lined up to launch soon, these numbers can even be higher.
In comparison to New Jersey which is currently the country’s largest sports-betting market, the Garden State didn’t get to $130 million/month until month 4, when in raked $183.9. Pennsylvania that is the nation’s third sports-betting market only surpassed the $130 million mark on month 11 with $194.5 million earned in September 2019.
Although one of the youngest members to join the legalized sports-betting states, November figures put Tennessee in 7th place in the US for wagers. This is behind New Jersey, Nevada (pending the November data release), Indiana and Colorado. With Colorado also setting its own state record of $231.2 million in November.
All four sports betting operators that launched in the state offered sign up welcome offers, including:
- BetMGM: 100% match on your first deposit up to $500
- DraftKings: First deposit bonus up to $1,000
- FanDuel: Risk free bet up to $1,000
- Tennessee Action 24/7: First deposit match up to $100
There are also three more sportsbook operators that are in the final stages of approval and will be launching soon in Tennessee:
- William Hill
Tennessee Lottery President and CEO Rebecca Paul Hargrove said to the press: ‘In our role as the regulator of this industry, we are focused on establishing and supporting responsible and competitive sports wagering program in Tennessee.’ Referring to the successful launch, she added: ‘These numbers are encouraging as we work to protect the customer, promote fairness in sports and regulate this new Tennessee industry.’
Local sports are crucial when it comes to legal sports betting in individual states. Tennessee is home to the NFL’s Tennessee Titans which are having a fantastic season now, leading the AFC South with a 10-5 record. The state also has University of Tennessee and Vanderbilt which are two of the NCAA college football Power Five conferences. And once the NFL and NCAA Football seasons subside, the state’s NBA Memphis Grizzlies will spring into action.
So everything together is expected to bring a bright future for Tennessee sports betting. Although the state is ranked as the 16th populous state in the nation with a population of 6.89 million, it has shown it can break the record of bigger states. So watch this space.
If you are over 21, living in Tennessee, or even if just visiting the state, you can open an account easily and safely in minutes. All you need in order to join the action is a computer or mobile device, and you can join the action and place bets on your favorite sports, teams and events. While at it, don’t forget to claim a generous welcome bonus available if you sign up through BestAppBet.
Sugarhouse is owned by Rush Interactive, which is one of the most prominent providers of online sportsbook and casinos in the country. In 2016, SugarHouse launched it online casino in New Jersey, joined by its online sportsbook in 2018. Since then, it became a leading casino and sportsbook for Americans. Check out their fantastic bonuses, games and bets available, and see yourself why when it comes to casino and sports betting in the USA, Sugarhouse is a Powerhouse
LATEST BLOG ARTICLES
With February officially coming to an end, NCAA basketball fans are gearing up for perhaps the biggest March Madness in recent memory. Now more than ever before, there seem to be upset every weekend. Not only that, but college basketball betting has also grown exponentially in the past twelve months since the Baylor Bears won their first national championship in program history. With the hype now starting to build and Selection Sunday less than a month away, sports pundits have been speculating who they believe will bring home the trophy in 2022.
December has Christmas, January has New Year’s Day, February has Valentine’s Day, and March has March Madness. The time has almost come for the US’ favorite college sports tournament. The nation’s full attention falls on those teams that qualify for the tournament. Over the years, millions of Americans have taken part in local brackets on who will win March Madness.
SPORT BETTING APPS
Sports betting has always been an exciting way for fans to buy into the sport, in a way participate and add another dimension of thrill and excitement to the competition, match or any sporting event. With the evolution of remote betting first to phone, and later on to online betting, remote sports-betting not only became available to a wider audience, but also added a whole new level of excitement and magic to sports betting. Today’s mobile sports betting apps, which are readily available on both Android and Apple, are on the front line of technology, and alongside an exceptional slick and user friendly interface, opens to sports betting punters an entire universe of sports events, odds, games and features such as live streaming and in-play betting. Are you into NFL? Are you an NBA fan? Maybe your thing is baseball so you would like to bet on MLB? Or perhaps you are into world sports and want some European Premier Soccer betting? The mobile sports betting apps bring all of this amazing action to your mobile device, so you can bet on what you want, from wherever you are, at any time you choose to.
Are you a casino player? Did you always love casino, the atmosphere, the thrill and excitement, and most importantly the dream and sometimes reality of big winnings? You no longer need to wait for your next trip to Vegas, or wherever it is you are planning to go to a casino. Mobile and remote casino gambling has now entered to US, and it is here to stay. Already live in New Jersey, and closely followed by other states, Americans can now join the fun, download a casino mobile app from one of the top, legal and certified US casinos, and have all the magic of casino from their mobile device. Are you a BlackJack player? Or maybe you are into Roulette? Maybe Baccarat or Craps are your game, or are you a fan of slots? Whichever game is for you, you will find it on the mobile casino apps that are now becoming legal and regulated across states, and enable you to have your own private casino on your mobile device. It is legal, it is exciting, and it is magic.
For many, slot machines are the most thrilling part of the casino. The lights, animation, sounds and action take you into another dream world, where you can win huge prizes, jackpots, bonus rounds and what not. The Mobile slot apps that are now available in the US provide the world’s premier slots, all made regulated and fully compliant with the US regulations and laws. So you can safely and securely download the slots mobile app to your mobile device (where it is legal to do so), and have the most amazing slot game experience coming to life on your mobile phone. Are you into progressive slots where you get a chance at winning an amazing jackpot, or perhaps you are into an animated video slot that has branded content with your favourite movie, TV or music stars? All of these amazing titles are just a swipe away, all available on your mobile phone by downloading the mobile slot game app.
A lot has changed since the first games of poker were played along the Mississippi River in the 1800s, with Poker becoming a worldwide phenomenon, crossing the boundaries of a card game and considered by many a sport, with tournaments, leagues and champions. Being a game with friends or a professional tournament, the online revolution turned poker to be a game that is played and followed by billions all over the world. And then the latest stage of the poker uprising which is the mobile poker apps, which enable you to access any kind of level, tournament and game from your mobile phone, no matter where you are in the world, and what time it is, you can join in the poker fun and excitement and play against other poker enthusiasts like you around the globe. Poker is now coming home again, and becoming legal to play remotely state after state in the USA also. So now Americans can already download a safe and legal mobile.