According to PlayTenn, which is part of PlayUSA.com Network and monitors the Tennessee gambling market, February is a month where sports betting volumes naturally decline, before picking up again in March.
Alec Cunningham, Lead Analyst, PlayTenn, commented: “The Super Bowl is an important singular event, but it can’t fully replace a month filled with football games like January. For that reason, February is always a slower month. But the lull doesn’t last long. March Madness should help the state’s sportsbooks challenge wagering records again, especially if Tennessee can make a deep run.”
Throughout February, Tennessee’s sportsbooks attracted wagers amounting to $313m. Although this was down $73m, or 19%, from the leading tally generated in January, this represented growth of $137m, or 78%, year-on-year.
Bets placed on this year’s Super Bowl, won by the Los Angeles Rams, totalled $23m, up from $15m the year before.
Wagers throughout the month translated to total revenue of $21m, which was up $8m, or 61%, compared with February 2021.
Sportsbooks also faced the prospect of a ‘lockout’ in baseball. This means a full shutdown of the league, in this case the MLB, due to the expiration of the collective bargaining agreement. This controls player contracts, sponsorship agreements and other financial decisions.
While a lockout has recently happened in the MLB, the largest baseball league in the world, games have now resumed across the US, much to the relief of sportsbooks.
Eric Ramsey, Analyst, PlayUSA.com Network, said: “Sportsbooks breathed a sigh of relief that baseball will still play a full schedule, ensuring the primary bet generator during the summer months will be in action.
“Operators can now look forward to the first truly normal sports year since 2019.”
