Illinois Sports Betting Revenue Surpasses $1 Billion Milestone

The sports betting industry in Illinois has generated over $1 billion in gross gaming revenue since its launch in March 2020.

Today, the Illinois Gaming Board announced that sports betting revenue in the state has reached $1 billion through July, combining online and in-person bets at casinos.

In just over two and a half years, the Illinois gaming industry surpassed $1 billion in sports betting revenue, providing significant benefits to the state’s taxpayers. Legal sportsbooks in Illinois have contributed over $167 million in tax revenue to local and state authorities since the industry began.

Illinois is on the verge of reaching another milestone, surpassing $1 billion.

Illinois sports betting will exceed another $1 billion milestone

According to Play Illinois, online sports betting revenue in Illinois is projected to surpass $1 billion in 2022, based on the August figures released by the IGB.

Illinois is expected to surpass Pennsylvania and become the third-highest state in the nation for both lifetime sports betting revenue and handle, reaching the billion-dollar milestone.

The list of highest lifetime sports betting revenue rankings is as follows:

New Jersey has $1.96 billion, Nevada has $1.44 billion, Pennsylvania has $1.17 billion, Illinois has $1.06 billion, and New York has $724 million.

The lifetime sports betting handle is ranked as follows:

1. New Jersey — $29,084,089,417
2. Nevada — $25,560,689,676
3. Pennsylvania — $15,542,662,210
4. Illinois — $14,171,227,163
5. New York — $9,756,993,980

Sports betting in Illinois has shown incredible growth

Sports betting in Illinois is flourishing.

Illinois is currently ranked second in the nation for sports betting revenues, with year-to-date figures showing over $388 million generated. Only New York has higher revenues, surpassing $682 million.

Illinois comes in third place for sports betting handle in 2022, with a total bet exceeding $5.2 billion. New York leads with over $9.3 billion bet, followed by New Jersey with over $6.3 billion bet.

Since the legalization of sports betting in 2020, online sportsbooks have accounted for a staggering 96% of the total wagering volume, fueling the industry’s growth.

This indicates a substantial increase in tax revenue. In the current year alone, sportsbooks in Illinois have generated more than $62 million in state and local taxes.

Illinois led the country in NFL betting growth last weekend, according to data from GeoComply. Betting volume in the state increased by 60%, rising from $5 million during the first week of the 2021 NFL season to around $8 million the following weekend.

Growth in Illinois tied to online registration

The increase in growth in Illinois from year to year can be attributed largely to the legalization of online sportsbook registration for residents. This legislation was passed in 2021 and went into effect on March 5 of the current year.

Previously, signing up for online Illinois sportsbooks required visiting a physical casino to complete the registration process. In some cases, this meant embarking on a three-hour drive just to complete the necessary steps.

The quick increase in sports betting revenue in Illinois was a result of the decision to permit online registration.

Sports betting exceeds $50 billion in handle nationwide in 2022

As of July 2022, the total handle for the 26 states with legalized sports betting has surpassed $50 billion. In the first seven months of the year, sports betting revenue in the US has exceeded $3.5 billion.

Legal sports betting in the United States has seen over $148 billion in wagers since its inception, with total revenue approaching $11 billion.