Illinois Sportsbooks Set New High In January With Nearly $870 Million In Wagers
According to Play Illinois, as the sports betting market enters a new era, NBA recognition and NFL playoffs continue to drive significant action.
(LAS VEGAS) — Illinois sportsbooks kicked 2022 off with a surge of betting, raising the monthly handle in January to nearly $870 million for the first time. With an extended NFL regular season and expanded playoffs played over five weekends, plus increasing action on basketball, the sports calendar was favorable in January. It’s a momentum-building start to a year that should bring a significant leap forward with the removal of in-person registration requirements lifted earlier this month, according to Play Illinois, which tracks the state’s regulated online gaming and sports betting market.
According to Joe Boozell, lead scientist for Play-illinois.com, the speed of the past four months will benefit sportsbooks because Illinois sports gambling entered a new era on March 5 when the in-person registration requirement was eliminated. With the reins lifted, Illinois may very well surpass other states as the second-largest market in the United States this year. & ldquo, Sports betting has continued to spread throughout the state. & rdquo,
According to official data released on Thursday, sportsbooks in Illinois & rsquo generated$ 867.5 million in online and retail wagers in January, breaking the October record of$ 840.4 million. In comparison to the$ 581.6 million it generated in January 2021, January & rsquo’s handle increased 9.9 % from$ 789.6 million in December and 49.2 %. Over the course of the 31 times in January, betting level increased to$ 28.8 million per day from$ 25. 5 million in December.
Sportsbooks increased their net profit from January andrsquo, s bets from$ 36.2 million in December to$ 59.3 million, and increased by 20.2 % from$ 49.4 million by January 2021. With tax revenue of$ 66.2 million,$ 10.7 million was added to state and local coffers.
In January, legal jurisdictions all over the nation, including Illinois & rsquo, neighbors with sports betting & mdash, Indiana, Iowa, and Michigan, set wagering records. A significant factor was the addition of the national championship game for college football & rsquo, an expanded playoff format, and an extra week of regular-season NFL football.
In Illinois, football betting produced $224.1 million in wagers in January, down from $265.7 million in December. And with more than $60 million in Super Bowl-related wagers, announced last month by the state, football has drawn an enormous amount of bettors’ attention so far this year. But the NBA does significant heavy lifting, too. Basketball betting reached $276.2 million in January, up from $226.4 million in December.
According to Eric Ramsey, an analyst for the PlayUSA.com Network, which also includes Play Illinois.net, the NFL greatly benefited sportsbooks by expanding its regular time and playoffs plan. & ldquo, The fact that all of those extra games were condensed into a single month contributed to some astounding numbers in Illinois and elsewhere. & rdquo,
In January,$ 829.1 million, or 95.6 % of all bets, were placed online. With$ 293.2 million in total online and retail control, including$ 283.7 million worth of online betting, DraftKings was the state’s top operator. Gross profit from that handle was$ 17.2 million.
FanDuel came in second with$ 261.2 million in retail and online bets, including$ 299.1 million. That generated a gross profit of$ 23.0 million for the state-high & nbsp.
|Licensee||Brand on the internet||Handle||Revenue||Hold||Taxes|
|East St. Louis game Queen||DraftKings||$293,210,435||$17,213,926||5.9%||$3,102,273|
|Des Plaines Rivers||BetRivers||$147,649,772||$11,172,020||7.6%||$1,915,269|
|Aurora in Hollywood||Barstool||$63,707,639||$3,800,551||6.0%||$678,044|
|Joliet from Hollywood||$1,664,912||$289,413||17.4%||$39,542|
A new era should bring even bigger numbers. With the NCAA Tournament and removal of in-person registration rules, Play Illinois projects that March could see close to $1 billion in wagers. One new operator, BetMGM, launched over the weekend. And Illinois should see more new sportsbook launches in 2022.
& ldquo, According to Boozell, the first two years of sports betting in Illinois have been difficult, making it one of the more unusual markets in the United States. & ldquo, The top casinos have prospered despite this. The modifications should ideally aid in market expansion and promote a more aggressive and good market. & rdquo,
Visit Play-illinois.com / news for more information.