Illinois Approaches $300 Million In March Madness Wagering With In-Person Registration In The Rearview Mirror

The Illinois Gaming Board (IGB) released data showing that Illinois residents wagered a total of $286.2 million on the men’s, women’s, and men’s NCAA Tournament.

The number has significantly risen from the previous year, when the March Madness handle was approximately $200 million. In-person sports betting registration for this year ended on March 5, paving the way for potentially record-breaking totals in Illinois.

During March Madness, online sportsbooks in Illinois earned $14.2 million in profits from betting, resulting in $2.1 million in tax revenue for the state. The fact that sportsbooks only retained 5% of the total handle indicates that the public performed quite well, as hold percentages in Illinois typically average around 10%.

In comparison, Illinois residents wagered around $61 million on the Super Bowl, a much lower amount than what was bet on March Madness. Despite this, sportsbooks still made a profit of $9.5 million from the Super Bowl, which is close to the overall revenue from March Madness.

A staggering 95.8% of the major party’s control was due to bets placed on their website. This year marked the first time that in-person bets on college teams from Illinois were allowed, but despite the strict regulations and the lack of Illinois schools advancing past the initial weekend, it seemed to have no effect.

As anticipated, Rivers Casino showed the strongest financial control among sportsbooks, bringing in $3.1 million.

The report from the IGB provides a fascinating look at the habits of Illinois sports bettors, showing the breakdown of handle between preliminary bets and live betting.

Approximately 67% of the handle came from bets placed before the event, rather than live bets.

Let’s analyze the performance of every online sportsbook in Illinois and assess the implications of the statistics for the state’s industry.

Casino earnings for the Illinois March Madness

The tackle and earnings data for each online casino below only includes information for games that have an online presence. Games without an online presence are not included in these figures.

• Lottery prize: $105.2 million (from $1.78 million in ticket sales)
• FanDuel has a total revenue of $73.8 million, with a profit of $3.1 million.
• BetRivers received a total of $28.8 million, with $2 million being the profit.
• PointsBet reported revenue of $27.8 million, an increase of $5.7 million.
• Barstool: $23.4 million (-$6,759).
• BetMGM earned $13.4 million on an investment of $723,979.
• Caesars reported a $12,000,000 loss, equivalent to $701,111.

Despite having an average handle figure, PointsBet’s revenue number is the most striking aspect. PointsBet accounted for approximately 20% of the total action.

It becomes even more fascinating when you realize that Barstool’s revenue in Illinois dropped during March Madness.

It is crucial to pay attention to how a new sportsbook performs in the beginning. Despite being sixth out of seven online sportsbooks in Illinois, BetMGM has had a decent start compared to its competitors.

In summary, while Caesars IL may currently be ranked last, it is no longer seen as unimportant. A $12 million monthly turnover would have been impressive in the past. Though Caesars may not be able to compete with the top players in Illinois, it is anticipated to build a successful business in the Prairie State.

What does this mean for IL sports gambling in the future?

The robust March Madness betting numbers were in line with our original forecasts.

We have set a target of $900 million in sports betting revenue for Illinois this month. The detailed income report may be available to us by May, but the amount is subject to change.

New York recently published the March total figures, revealing a complete handle of $1.6 billion. However, there is a noticeable absence of significant reporting on the major state.

The statistics in Illinois suggest that the state has the potential to become a leading market. With two betting markets in the US during football season, Illinois may soon challenge Nevada and New Jersey for the top spot.

It will not be complete until Texas and California also arrive.