Michigan’s Thriving Market Gives Idea Of How Profitable Online Casino In Illinois Could Be
Michigan’s online casino operators profited $95.1 millionin March, an eye-popping figure for such a young market. It proves that an online casino market can thrive immediately, and “thrive” may be an understatement.
Is Illinois next? As we know, there is pending internet gaming legislation.
There are committee hearings on “gaming proposals” set for April 28 and April30.
Online games might also be a consideration. We should be ready to see some sizable quarterly profit figures if online casinos are made legal in Illinois.
Who’s For, Against Major Gaming Proposals: Illinois has several pending pieces of gaming legislation. Here’s who is arguing for and against the proposals.
Teaching about where the real money is and why it’s not sports betting
Illinois was the No. 1 state in February. By control, there are three sports betting markets in the US. We & rsquo anticipates the same level in March.
In-person registration shenanigans aside, Illinois sports betting has been a success thus far.
Illinois has exceeded $500 million in sports wagering handle the last two Illinois Gaming Board reports, and should once again in March. And yet, the most Illinois sports betting operators have ever profited in a month is $49.4 million.
That & rsquo represents slightly more than half of the revenue generated by Michigan online casinos in their second full month.
Tax revenue is directly impacted by this: MI online gambling collected$ 17.3 million in state and local tax in March. In contrast, Illinois sports betting has never brought in more than$ 8 million in tax revenue per month.
For those who pay close attention, none of this is shocking. It & rsquo, however, serves as a reminder of where to look for the real money.
It goes without saying that comparing Illinois sports bets to Michigan virtual casinos is apples to oranges. However, we can get a better idea of how strong an Illinois virtual casino market could be by contrasting MI sports betting with IL sports gambling.
The sports betting industry in Illinois is bigger than in Michigan.
Despite this, it’s important to note that Illinois’ sports betting market is a little more developed than Michigan & rsquo; simply put, its numbers are higher.
In February, Illinoisans wagered $509.8 million on sports. Michiganders wagered $325.6 million.
In March, the Michigan sports betting handle was $383.7 million. We don’t have March Illinois figures yet; however, we with preliminary March Madness betting totals, we expect the month’s total to be more than $550 million, and that’s a conservative estimate.
Again, this all makes sense. Illinois is the sixth-largest state in the US by population, while Michigan is 10th.
Therefore, Illinois internet casino operators could reasonably make$ 100 million per month pretty quickly if all other factors are common.
The parameters won’t likely be popular, of course.
There is also a physical membership need for online casinos.
There is no in-person membership necessity for Michigan online enrollment. casinos. In Illinois’ Internet Gaming Act, there is a proposedsix-month, in-person registration requirement.
Since we still don’t know when that will end, it & rsquo is not as restrictive as the sports betting version. However, it implies that an Illinois industry wouldn’t expand as quickly as Michigan’s has.
At the time of Illinois & rsquo’s hypothetical launch, we also don’t know how many licensed casino operators would be prepared.
In March, there were 11 virtual blackjack operators in Michigan. It allows for a maximum of 36 skins in Illinois & rsquo, HB 3142, but obviously there wouldn’t be close to that many operators right away.
Like Michigan, it’s likely that the most popular casino games in Illinois would be available.
We also have a lot to learn about the potential implementation of online casinos in the Land of Lincoln. Even though the in-person registration requirement is a barrier, Illinois virtual casino gambling seems to have no limits beyond that.