Illinois Approaches $300 Million In March Madness Wagering With In-Person Registration In The Rearview Mirror
It’s a significant jump from last year, when March Madness handle was approximately $200 million. In-person sports betting registration ended on March 5 this year, paving the way for record totals from the Land of Lincoln.
March Madness betting generated $14.2 million in profits for Illinois online sportsbooks, resulting in $2.1 million in tax revenue for the state. Sportsbooks held 5% of the total handle, a relatively low figure. That means the public fared reasonably well, as hold percentages have hovered closer to 10% in Illinois.
For reference, Illinoisans wagered about $61 million on the Super Bowl, far less than March Madness. However, sportsbooks profited $9.5 million on the event, not much less than the final March Madness revenue.
Website wagers accounted for a staggering 95.8 % of the overall control from the big party. For the first time this time, it was lawful to place bets on Illinois college teams in person, but given the stringent policy and the fact that the IL schools did not advance past the opening weekend, that doesn’t seem to have had an impact.
As anticipated, Rivers Casino had the highest control of any financial sportsbook at$ 3.1 million.
An intriguing look at Illinois sports bettors’ behavior is provided by the IGB’s report on how much of the handle was generated by preliminary wagers versus life wagering.
Compared to live bets, about 67 % of the handle was generated by prior wagers.
Let’s take a look at how each Illinois online sportsbook fared and look ahead at what the numbers mean for the IL industry.
Casino earnings for the Illinois March Madness
The tackle and earnings information for each online casino is provided below. Keep in mind that games without an online presence are not included in these numbers.
- Lotto:$ 105.2 million($ 1.78 million in sales )
- FanDuel:$ 73.8 million($ 3.1 million )
- BetRivers:$ 28.8 million($ 2 million )
- PointsBet:$ 27.8 million($ 5.7 million )
- Barstool:$ 23. 4 million(-$ 6, 759 ).
- $ 13.4 million($ 723, 979 ) for BetMGM
- Caesars:$ 12,000,000 ($ 701, 111 )
PointsBet & rsquo’s revenue number, despite having a middle-of-the-pack handle figure, is the first thing that stands out. About 20 % of the overall action was held by PointsBet.
When you learn that Barstool lost income in Illinois during March Madness, it becomes even more intriguing.
And of course, it’s always worth noting how a new sportsbook performs early on. BetMGM Illinois was sixth of seven online sportsbooks, but it’s a decent start considering how far behind it was compared to competitors.
Finally, while Caesars IL is still last, it is no longer an afterthought. In the past, a $12 million month would have been significant. Caesars may not challenge the top dogs in Illinois, but it should carve out a nice business in the Prairie State.
What does this mean for IL sports gambling in the future?
These robust March Madness betting numbers fell in line with our original projections.
For the month, we set the over/under for Illinois sports betting handle at $900 million. The total income statement may be available to us in May, and that number is still in perform.
Recently, New York published the complete March numbers, recording a full handle of$ 1.6 billion. Beyond that, there hasn’t been much reporting on the major state.
The notion that Illinois may be the No. 1 state is supported by these IL figures. During the football season, there are two activities betting markets in the US. In the near future, it may compete with Nevada and New Jersey for that position.
It also, until Texas and California arrive.