Illinois Sets Record With Nearly $1 Billion In March Sports Betting Wagers
According to Play Illinois, March Madness and the elimination of the in-person membership criteria set a record-breaking month.
(LAS VEGAS) — Wagering at Illinois sportsbooks surged to nearly $1 billion in March, setting a fresh state handle record. Sportsbooks also produced record revenue, buoyed by NCAA Tournament betting and the removal of in-person registration requirements, according to Play Illinois, which tracks the state’s regulated online gaming and sports betting market.
According to Jake Garza, analyst for Play-illinois.com, & ldquo, March Madness, and the removal of in-person registration proved to be a potent combination. This is what a less constrained market in Illinois looks like, & ldquo. & rdquo,
According to official data released on Monday, sportsbooks placed$ 971.3 million in wagers in March, a new record and an increase of 53.3 % from$ 633.6 million from March 2021. The handle broke the previous record of$ 867.5 million in bets in January, and it was also up 43.0 % from$ 679.4 % in February, thanks to$ 278.4 million’s wagering on the NCAA Men & rsquo, s Basketball Tournament, March & risquo.
Sportsbooks won $79.4 million in gross revenue off of March’s bets, up 59.2% from $49.9 million in March 2021 and up 155.6% from $31.1 million in February. The previous record for monthly revenue was $78.2 million in November 2021. The win generated $9.8 million in state and local taxes.
March was the first month of betting following the permanent removal of in-person registration rules for online betting, which went into effect on March 5. Now bettors no longer need to register at a retail sportsbook, which was inconvenient enough to dissuade a significant number of would-be bettors and hold the market back.
The state & rsquo, s sports betting industry should continue to make a significant lurch forward compared to last year, according to Eric Ramsey, an analyst for the PlayUSA.com Network, which includes Play Illinois.co, even with the inevitable seasonal slowdown that starts in April. & ldquo, It wouldn’t be too shocking if Illinois surpassed all other markets in the United States by the start of football season. & rdquo,
In March, online betting accounted for$ 927.5 million, or 95.5 %, of all bets. With$ 315.3 million in net and financial bets, including$ 310.7 million, FanDuel was in the lead among all users. With a combined online and retail handle of$ 289.2 million, including$ 284.2 million in online bets, DraftKings came in second.
In March, sports, which competes in NCAA games for men, women, and women as well as the NBA, drew a staggering$ 554.3 million in straight bets. Tennis was the next most common wager, with$ 64 million in bet, after parlay betting.
March will be the last significant month until football season, according to & ldquo, without football or college basketball to spark interest in the upcoming months. However, the NBA playoffs, & ldquo Even if we have to wait until September for the state & rsquo’s first$ 1 billion month, baseball and significant golf tournaments will keep bettors interested. & rdquo,
For more, visit Play-illinois.com/news.