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

According to data released by the Illinois Gaming Board( IGB ), Illinoisans collectively placed a$ 286.2 million wager on the men’s, ladies ‘, and men & rsquo NCAA Tournament.

The figure has seen a substantial increase from the previous year, when the March Madness handle was around $200 million. This year, in-person sports betting registration concluded on March 5, setting the stage for record-breaking totals from the Land of Lincoln.

Online sportsbooks in Illinois made a profit of $14.2 million from betting during March Madness, which translated into tax revenue of $2.1 million for the state. With sportsbooks retaining only 5% of the total handle, the figure is relatively low. This suggests that the public did fairly well, given that the hold percentages in Illinois usually hover around 10%.

To put it into perspective, approximately $61 million was bet by Illinoisans on the Super Bowl, a figure significantly lower than that of March Madness. Nevertheless, sportsbooks managed to gain a profit of $9.5 million from the event, which is not far off from the final revenue of March Madness.

A whopping 95.8% of the total control from the big party was attributed to website bets. This year, for the first time, it was legal to place in-person bets on college teams from Illinois. However, the strict regulations and the fact that the Illinois schools did not progress beyond the initial weekend appear to have had no impact.

As expected, Rivers Casino had the highest control among financial sportsbooks, with $3.1 million.

The IGB’s report offers an interesting insight into the behavior of Illinois sports bettors by detailing how much of the handle was produced by preliminary bets compared to live betting.

About 67% of the handle was generated by prior wagers, compared to live bets.

Let’s examine the performance of each online sportsbook in Illinois and consider what the statistics imply for the state’s industry.

Casino earnings for the Illinois March Madness

Below is the information about the tackle and earnings for each online casino. Please note that games without an online presence are not reflected in these figures.

• Lotto: $105.2 million (with $1.78 million in sales)
• FanDuel: $73.8 million (with $3.1 million)
• BetRivers: $28.8 million ($2 million)
• PointsBet: $27.8 million ($5.7 million)
• Barstool: $23.4 million (-$6,759).
• BetMGM received $13.4 million for $723,979.
• Caesars: $12,000,000 (Loss of $701,111)

Despite having an average handle figure, the first thing that stands out is PointsBet’s revenue number. PointsBet held about 20% of the overall action.

It becomes even more intriguing when you discover that Barstool’s income in Illinois decreased during March Madness.

Naturally, it is always significant to observe the initial performance of a new sportsbook. BetMGM Illinois, although ranking sixth among seven online sportsbooks, has made a reasonable start, especially when considering its lagging position relative to its competitors.

In conclusion, although Caesars IL remains in the last position, it is no longer considered insignificant. Previously, a monthly turnover of $12 million would have been noteworthy. While Caesars may not contest with the leading competitors in Illinois, it is expected to establish a profitable enterprise in the Prairie State.

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

These strong March Madness betting figures aligned with our initial projections.

For this month, we have established a benchmark of $900 million for sports betting revenue in Illinois. The comprehensive income report might be accessible to us by May, and this figure is still fluctuating.

Recently, New York released the total figures for March, documenting a complete handle of $1.6 billion. However, there has been a lack of substantial reporting on the major state.

These IL statistics support the idea that Illinois could potentially be the leading state. During football season, there are two betting markets in the US. In the coming times, Illinois could give Nevada and New Jersey a run for their money for the top spot.

Until Texas and California arrive, it also.