Illinois Sportsbooks Expectedly Slow In February To Less Than $700 Million In Bets

Post-Super Bowl quiet hits, but Play Illinois predicts that March will likely take more records.

(LAS VEGAS) — Illinois sportsbooks saw a decrease in wagering to under $700 million in February, marking the lowest monthly total since September. The dip was anticipated due to the post-Super Bowl slump with only one NFL game on the schedule, according to i, a tracker of the state’s regulated online gaming and sports betting market. Despite the seasonal downturn, there were significant year-over-year improvements, which were observed in the final month of mandatory in-person registration.

“The volume of bets from an entire month of NFL football cannot be entirely substituted by the Super Bowl,” stated Joe Boozell, the primary analyst for Play-illinois.com. “However, it’s crucial to note that sportsbooks have consistently demonstrated robust annual growth. This momentum likely picked up speed in March due to relaxed registration mandates and the occurrence of the NCAA Tournament.”

Official data released on Thursday evening showed that bettors placed $679.4 million in bets at Illinois’s online and retail sportsbooks in February, even with $650.5 million in Super Bowl-related betting. Although this was a 21.7% decrease from the record $867.5 million in bets in January, February’s handle saw a 33.3% increase from $53.7 million in February 2021. The daily betting volume in February increased to $24.3 million, up from $18 in 2021 but down from January’s $28 million.

In February, sportsbooks generated $35.6 million in gross revenue from bets, a 14.9% increase from the $30.3 million earned in the same month in 2021, but a 40% decrease from January’s $59.3 million. This resulted in $5.3 million in taxes for state and local governments.

Typically, February experiences a decrease in betting activity due to its shorter duration and only one NFL game, the Super Bowl, scheduled. This lull occurs between the bustling betting months of January and March.

According to Eric Ramsey, an analyst for the PlayUSA.com Network which also encompasses Play Illinois.net, the declaration of a comprehensive plan by baseball removed the primary concern for casinos. He stated, “With the advent of a regular sports schedule, for the first time since Illinois initiated sports betting amidst the pandemic in 2020, sportsbooks can expect some predictability. As registration requirements alter, we will finally be able to realize the market’s full potential.”

Online betting in February accounted for $652.3 million, making up 96% of all bets. FanDuel and DraftKings were the major competitors, running a close race for market share. FanDuel took the lead with $212.5 million in online and retail bets, of which $21.3 million was for virtual bets. DraftKings followed closely with a total of $212.2 million in online and retail bets, including $207.8 million in net bets.

The final quarter for in-person registration requirements in Illinois, which were done away with in early March just prior to the NCAA Tournament, was in February. Now that the market isn’t artificially limited, the revenues of March will offer a more detailed understanding of the potential growth sportsbooks can expect for the remainder of the year.

Boozell states that the second book of the sports betting market concluded in February. The major question lies in whether Illinois can surpass New Jersey and Nevada to become the second biggest sports gambling market in the U.S, topped only by New York. We believe this is a very tangible possibility.

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

Email: [email protected]<br>Name: Zack Hall<br>Company: Catena Media