Illinois generates monthly high in October behind hectic sports sched

Illinois generates monthly high in October behind hectic sports sched

Illinois sportsbooks exploded in October after wagering numbers increased due to a busy sports calendar.

Illinois sportsbooks saw October betting handle surge

With over $840 million in wagers in October, Illinois sportsbooks set a new monthly record for wagering and revenue for the first time since in-person registration was reinstated.

The state joined the top 18 legal sports betting markets in the United States, which established a market wagering record in October, according to PlayIllinois, by utilizing five weekends of football, the start of the NBA season, and baseball’s postseason.

In October, retail and internet sports betting combined to handle $840.4 million in wagers, breaking the March record of $633.6 million. Stakes increased 40.9 percent from $596.5 million in September and 93.4 percent from $434.6 million in October 2020, as betting increased to $27.1 million per day from $19.9 million per day in September. Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIllinois.com, explained: “A calendar that includes an extra weekend of NFL and college football, the start of the NBA and NHL seasons, and baseball’s postseason was always going to generate more action than a calmer month.” Regardless, a new high demonstrates the market’s sustained strength, which is expected to grow even stronger in the coming months.”

Gross revenue increased 2.9 percent to $48.3 million in October from $47 million in October 2020 and 8.4 million in September. October’s revenue fell short of the March high of $49.9 million in gross income. On the other hand, taxable revenue increased to an all-time high of $52.6 million in adjusted gross revenue, earning $8.5 million in state and local taxes. The new handling and revenue records bode well for Illinois’ sportsbooks, which had struggled to reclaim former highs following the April return of in-person online registration. In March, Illinois came in third place with $633.6 million in wagers, trailing only New Jersey ($859.6 million) and Nevada ($640.8 million).

Illinois remained third in October but has lost ground to New Jersey ($1.3 billion) and Nevada ($1.1 billion) – the first two states to exceed $1 billion in wagering in a single month. However, with HB 3136 pending signing, eliminating in-person registration early next year, Illinois may soon see a $1 billion monthly.

October’s increase was directly related to the month’s entire sports program. Five weekends of football, each including a Chicago Bears game, drew $330.1 million in wagers on the sport. This is an increase from September’s $230.6 million. The NBA season opener, highlighted by a quick start by the Chicago Bulls, generated $93.3 million in action. Meanwhile, baseball drew $77.6 million in wagers, followed by tennis (53.4 million) and soccer (36.2 million).

Also, in October, online betting generated $803.4 million in wagers, accounting for 95.6 percent of the state’s total transactions. DraftKings/Casino Queen had the state’s highest real online and retail handle of $315.3 million, including $308.8 million in online wagers. The aggregate handle increased from $236.5 million in September to $11.7 million in gross income. FanDuel came in second place with $236.7 million in online and retail wagers, including $235.4 million in internet betting. The total handling increased from $156.2 million in September to $22.3 million, a market high.

Quotes from the Press Release

“The Illinois sports betting market is booming despite the state’s existing restrictions on online registration, and it’s thrilling to envision what it will look like if sportsbooks are deregulated,” said Joe Boozell, chief analyst for PlayIllinois.com.

“There will undoubtedly be an influx of new operators. And there are an unknown number of Illinois residents who are interested in placing a wager through an online sportsbook but are unable to make the trek to a retail sportsbook to register.”

“While the Bears’ troubles have dampened betting interest somewhat, NFL wagering is not as heavily influenced by local clubs’ success as other sports,” Ramsey explained. “However, the Bulls’ early success and the White Sox’s brief playoff run aided significantly.”.

“With only six online sportsbook companies in the state, Illinois has considerably less than any other major US market,” Boozell added. “By the end of next year, the number of internet operators is expected to reach the double digits. Increased competition would be enormously advantageous to gamblers.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.