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) – Illinois sportsbooks witnessed a significant surge in wagering, reaching close to $1 billion in March and setting a new state record. The record-breaking revenue was supported by betting on the NCAA Tournament and the elimination of in-person registration requirements, as reported by Play Illinois, a tracker of the state’s regulated online gaming and sports betting market.

Jake Garza, an analyst for Play-illinois.com, states that the combination of March Madness and the elimination of in-person registration was highly effective. He indicates that this is representative of a less restricted market in Illinois.

Official data released on Monday revealed that sportsbooks recorded $971.3 million in wagers in March, setting a new record. This figure represents a 53.3% increase from the $633.6 million in bets placed in March 2021. The total amount bet in March surpassed the previous record of $867.5 million set in January and also marked a 43.0% increase from the $679.4 million wagered in February. The significant rise in March’s figures can be attributed to the $278.4 million bet on the NCAA Men’s Basketball Tournament.

March’s bets brought in $79.4 million in gross revenue for sportsbooks, a 59.2% increase from the $49.9 million earned in March 2021, and a 155.6% rise from the $31.1 million in February. This breaks the previous monthly revenue record of $78.2 million set in November 2021. The winnings generated $9.8 million in state and local taxes.

The first month of wagering after the elimination of in-person registration rules for online betting was March, with the new regulations starting on March 5. Now, bettors are not required to register at a physical sportsbook, a process that was previously cumbersome enough to discourage many potential bettors and hinder market growth.

According to Eric Ramsey, an analyst for the PlayUSA.com Network, which includes Play Illinois.com, the sports betting industry in the state is expected to make a substantial advance from last year, even when considering the typical slowdown that begins in April. Ramsey also noted that it wouldn’t be surprising if Illinois outpaced all other US markets by the start of the football season.

In March, 95.5% of all bets, amounting to $927.5 million, were made online. FanDuel led the pack with $315.3 million in net and financial bets, which included $310.7 million. DraftKings was the runner-up with a combined online and retail handle of $289.2 million, that included $284.2 million in online bets.

In March, a staggering $554.3 million in straight bets was drawn by sports that compete in NCAA games for men and women, as well as the NBA. Following parlay betting, the next most common wager was on tennis, with bets amounting to $64 million.

According to sources, March will be the final significant month until football season, without football or college basketball to pique interest in the forthcoming months. However, bettors will maintain their interest thanks to the NBA playoffs, baseball, and major golf tournaments. Even if we have to wait until September for the first month with $1 billion in state revenue, these sports will keep bettors engaged.

For more, visit Play-illinois.com/news.