Staggering Percentage Of Illinois Sports Bets Placed Online In July, Per Revenue Report

For the first time in Illinois, we have data on sports gambling profits.

On Tuesday, the Illinois Gaming Board (IGB) issued a report, the first ever of its kind in the state. Those who have been vocally advocating for the importance of mobile registration can view this as confirmation.

In July, nearly 93% of sports bets were made online. Legal sportsbooks in Illinois generated approximately $51.4 million in monthly handle, primarily in a period lacking traditional sports.

Sportsbooks managed to generate nearly $60 million in March, June, and July combined. However, no bets were placed in April or May due to the closure of Illinois casinos amidst the COVID-19 pandemic.

Despite only operating for six days in March, sportsbooks managed to record close to $1 million in handle.

In July, the most popular sports to bet on were soccer, baseball, and golf. Remember, the MLB season didn’t kick off until July 23, by which time most of the month had already gone by.

Statistics are a positive signal for August and above.

In July, Illinois was only home to one live mobile sportsbook, BetRivers. At the time, not many sports were being played, as previously noted. The online sportsbook produced almost all of the control for July.

During August, the NBA, NHL, and MLB were all actively ongoing. In the same month, DraftKings launched its mobile app, allowing people to register for it online from Aug. 21 onwards. FanDuel also commenced its launch on Aug. 28.

Indeed, Gov. JB Pritzker reaffirmed the need for in-person membership from July 26 to August 21. However, people have been able to register electronically for BetRivers since June.

An extremely intriguing and potentially strong revenue report is expected in September. With the NFL, NHL, NBA, and MLB all active, betting on the Chicago Bears is likely to increase. Five online betting apps are available, and mobile registration has been active for the first 19 days of the month, potentially extending for the entire month.

Given that 93% of July bets were placed online, sportsbooks could generate a flashy handle in September.

How did casinos in Illinois survive?

In July, the total handle neared $51.4 million. From this, sportsbooks generated $3.36 million in revenue due to the hold of 7.05%. This resulted in a tax revenue of approximately $545,000.

In March, the carry was similar, at 7.58%. Despite only operating for six days and without any online presence, the sportsbooks still made a profit of $72,000. This resulted in a tax revenue of slightly under $11,000.

An unusual assertion from that period in March was that about a third of the $950,000 handle consisted of bets. At that time, the NBA and college sports were the two most favoured sports for making wagers.

As expected, BetRivers’ intelligent monopoly led it to dominate in July. Although Argosy Casino Alton’s retail sportsbook was also operational, it accounted for less than $600,000 of the $54.4 million handle.

An enabling beginning laced with skepticism

Taking everything into account, it is impressive that despite the sports betting environment in Illinois, over $50 million was made in July. In comparison, Indiana, which operates eight online sportsbooks, recorded a handle of $70 million in July.

In August, it rebounded with a handle of $169 million. With the Tuesday launch of William Hill, the Prairie State now boasts five online sportsbooks, a significant increase from just one in July.

If mobile registration continues to be a feature, Illinois holds immense potential. However, what does the future hold for the state and its sports betting community?

The reinstatement of the in-person membership requirement could potentially occur after September 19. The 93% online gaming rate only further confirms our existing knowledge about the significance of this decision.

Should in-person membership resume, individuals would have had ample time to register for FanDuel, DraftKings, and BetRivers. However, it’s hard to envision a significant influx of new attendees registering at a game if this occurs.

The revenue from taxes is currently needed in Illinois, and the figures for mobile sports betting are remarkably high.

Now let’s rush.