Key Moments:
- Tennessee set a new record in March with $562.59 million in sports betting handle.
- Connecticut’s two largest operators posted a difference of only $3.10 million in handle.
- Louisiana’s sports betting tax revenue soared 130.8 per cent year-on-year, reaching $9.43 million in March.
Tennessee Achieves Highest-Ever March Wagering
Online sportsbooks in Tennessee posted their highest March totals ever, collecting $562.59 million in total wagers. This represents a 2.55 per cent increase compared to the previous year. While overall betting volume experienced modest growth, operator margins saw a strong upswing. The state’s hold rate climbed to 11.19 per cent, nearly two percentage points higher than in March 2025, which raised adjusted gross income to $51.76 million. This figure closely tracked overall revenue gains even though growth in handle was less pronounced.
Tax revenues remained robust for Tennessee. Operators contributed $10.35 million under the state’s 1.85 per cent handle-based tax model, delivering the third March in a row with tax receipts above $10 million.
Operator Competition Tightens in Connecticut
Connecticut saw one of its most competitive months on record in March, with a total handle of $217.12 million and gross gaming revenue of $17.62 million, which marks an increase of approximately 10.5 per cent compared to the previous year.
Competition at the top of the market was especially noteworthy. According to RG.org, FanDuel led with $81.00 million in wagers, narrowly edging out DraftKings at $77.90 million – a gap of just $3.10 million, or less than 2 per cent. Fanatics Sportsbook remained in third place with $50.73 million in handle.
Connecticut’s highly regulated environment supports only three operators, promoting an unusually close market balance. This close contest is attributed to the state’s tribal arrangements and local market dynamics. FanDuel and DraftKings, while dominant in other regions, saw similar levels of activity in Connecticut.
The state applied a flat 13.75 per cent tax rate to revenue, generating $2.42 million for the General Fund. Online betting made up more than 96.5 per cent of all wagers, and retail betting continued to decline.
| Operator | March Handle ($ millions) |
|---|---|
| FanDuel | 81.00 |
| DraftKings | 77.90 |
| Fanatics Sportsbook | 50.73 |
Louisiana Tax Revenue Experiences Dramatic Growth
Louisiana recorded the largest year-on-year increase in tax revenue among the three states profiled, with March collections climbing to $9.43 million, which is a 130.8 per cent rise. This substantial tax boost occurred even as handle inched up just 1.58 per cent to $392.52 million for the month. The gross gaming revenue surged 62.01 per cent to $45.17 million, as the hold rate jumped from 7.21 per cent a year earlier to 11.51 per cent.
The sharp uplift in revenue followed the introduction of Act 298, which increased the online sports betting tax rate from 15 per cent to 21.5 per cent effective August 2025.
For the 2025 calendar year, Louisiana surpassed $4.24 billion in total sports wagers, a 15 per cent increase over the previous year. Of this, $3.97 billion came from mobile wagers, while $274.5 million was generated at retail locations.
| Measure | March Value | Year-on-Year Change |
|---|---|---|
| Tax Revenue | $9.43 million | 130.8% |
| Total Handle | $392.52 million | 1.58% |
| Hold Rate | 11.51% | from 7.21% |
| Gross Gaming Revenue | $45.17 million | 62.01% |
Accelerating Transition to Online Betting
Nearly 95 per cent of all wagers in Louisiana now occur online, accelerating a shift away from retail that continues to deepen. The state benefits from this transition, as online wagers are taxed at a higher rate than their retail counterparts.
An important component of Louisiana’s new regulatory setup is the SPORT Fund, which channels 25 per cent of additional tax revenue to collegiate athletics. In March, this contributed about $2.4 million, earmarked for scholarships, infrastructure, and programs for student athletes.
- Author
Daniel Williams
