Sportsbooks Made Bank On Parlay Bets In March: What You Should Know About The Enticing Wager

In March, Illinois sportsbooks made a record monthly profit of nearly $50 million. Parlay betting played a significant role in their success.

In March, like most months, sportsbook operators made a substantial profit on parlays. Illinois residents placed $122 million in parlay bets, from which the operators earned $21.2 million in profits.

This equates to a hold percentage of 17.3%, which is exceptionally high. Overall, including parlays, 7.9% of the handle for the month was held by Illinois sportsbooks.

The publications possessed only 5.6% of the total control, excluding bets. That is a fair benchmark for individual bets.

The primary reason Illinois broke its all-time betting record with a handle of $633.6 million in March was because of March Madness betting. In that month, residents of Illinois placed bets worth $365.7 million on basketball, roughly three times the amount they wagered on parlays.

Nonetheless, sportsbooks generated significantly more revenue from parlays compared to regular sports bets (this is also true for the NBA).

Operators earned $16.2 million from regular basketball bets, approximately $5 million less than what parlays generated from triple the handle.

You might be wondering if March was just an exception.

No, the situation was in line with trends in Illinois. Basketball was the sport with the highest betting handle in February, but parlays brought in the most revenue for sportsbooks. This was also the case in January.

What you need to understand about win gambling

Undoubtedly, wagers are a very common form of betting.

It’s easy to see why – the chance to win big with minimal financial risk. If you follow enough sports betting accounts on social media, you’re likely to see daily instances of substantial parlays.

While that is certainly the ideal situation for the customer, remember that it’s not the norm.

As the statistics below illustrate, wagers usually result in losses. For sports bettors, placing bets is a surefire way to lose money as they consistently serve as the most reliable revenue stream for Illinois sportsbooks.

There’s nothing fundamentally wrong with placing a parlay bet, provided you’re not wagering more than you can afford to lose. However, it’s essential to understand that these types of bets typically benefit the operator more than the user.

Did bets play a role in Barstool andrsquo’s successful March in Illinois?

Celebrities associated with Barstool often persuade their social media followers to make parlay bets. If you’re wagering in Illinois, you’ll often encounter “boosts” and similar offerings.

We riding! https://t.co/pSkVuKIdwcpic.twitter.com/cmOtt1YLZ8

This was tweeted by whitesoxdave (@barstoolWSD) on May 18, 2021.

On March 11, Barstool launched in Illinois and finished fourth in revenue despite being second-to-last in handle among all Illinois sportsbooks. It registered a 12.8% hold, which was the highest rate among all books.

The rationale is entirely personal as we lack the necessary data to establish whether Barstool consumers gamble more on parlays compared to various bookies. However, the factual data is quite persuasive if you follow their personalities on social media.

In its Q1 earnings call, Penn National Gaming also suggested some reasons for Barstool’s high hold percentages, stating:

• High popularity among casual bettors.
• Custom parlays incorporate the Dave Day Night Parlay and the “& ldquo. & rdquo”.
• Exclusive and enhanced bets.
• in younger bookmakers, overindexing.

As always, bet responsibly.