This comes following the NFL season’s ending and the start of the regular season games in play.
According to a lead Analyst from one of the networks monitoring the Tennessee betting market, Alec Cunningham, the Super Bowl is one of the biggest games in the US sports scene but is a one-off event. Generally, February records a low turnout for sports bets every year but naturally picks up in March.
“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.”
How the Handle Fared in February
Sports bets raked in a total of $313.3 million in February, increasing the revenue by 77.7% compared to February 2021, which was $176.3 million. For gross revenue, February generated $20.9 million gross, a 61.1% increase when placed side by side with February 2021, which raised $13.3 million.
Compared to September, February did not perform well, despite the $23.1 million in bets on the Super Bowl. It was an increase from the $15 million realized in February 2021. February’s handle dwindled by 18.8% compared to January’s $386.1 million. It is also the lowest since online sports betting started in September, which reported $257.3 million in revenue.
Gross revenue was $20.9 million, a 42.2% reduction compared to the $36.2 million posted for January. Promotions for sports bet offers gulped $15.1 million, with $3 million remitted to the state government in taxes.
Sportsbooks May Lose Out on Baseball Agreement
Another looming calamity that may have seen sports betting revenues dwindle in the coming months is baseball. The popular sports event may be on ‘lockout,’ with the entire MLB league out of a contract due to its expiration and no hope for talks yet. Part of the deal oversees player contracts and other financial commitments.
While this may not be the first lockout, activities have since resumed, much to the relief of sportsbook operators in the state.
Another analyst, Eric Ramsey, commented on the recent development. “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.”
According to analysts, January and March are more lucrative than February and April. The March handle should reveal better results, with the lineup of sports activities, especially March Madness.
Andrew is interested in gambling developments in Canada and the USA. He writes news updates and contributes to casino reviews for the site. A keen ice hockey player, Andrew likes to spend time on the rink playing for his local team.