Tennessee expected to set new monthly sports betting record, driven by March Madness
Driven by NCAA's March Madness, Tennessee is set to have a historic month of sports betting, leading to its most profitable month yet, according to recent estimates from industry experts.
“There's nothing, nothing bigger than March Madness. It's bigger than the Super Bowl, bigger than NBA Finals,” said Bill Colleoni, CEO of Odds.com, as reported by WBIR Sports. With all the success, the move to legalized sports betting since November last year will continue to pay off for the state.
“We're expecting the largest month to date, 250 million is our projection for the month,” Colleoni said. Tennessee is close to outpacing Colorado, which has been live much longer. According to Odds.com, for the month of March alone, the state is set to get $25 million in revenue and $5 million in tax dollars.
“Each month, the tax revenue has gone up by about almost a million…going into March, we're looking for another 700,000, 1 million jump in revenue,” said Colleoni. The tax money going back to helping funding with schools, roads and communities all across the state. Colleoni said Tennessee’s first-round loss in the tournament will have an impact on the overall state’s revenue.
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