After February’s sports betting numbers, which saw a handle of $679.4 million, Illinois has reached the $10 billion lifetime mark in total sports betting handle since the industry launched in March of 2020, becoming the fourth state to achieve that figure after New Jersey, Nevada and Pennsylvania. The trend is poised to keep upwards as a significant $286.2 million were bet on March Madness the following month.
As reported by the Illinois Gaming Board last Thursday, February’s total handle from sports wagering was up 33.3% from $509.7 million in February 2021 but dropped 21.8% from January 2022, which was a record of $867.5 million, fueled by the NFL playoffs, the College Football Playoff and college football bowl season. In February, the state saw $60.5 million in Super Bowl-related betting.
Adjusted revenue saw a decline compared to previous periods of sportsbooks operating in the state. Those figures indicate that the sportsbooks “won” wagers with bettors at a rate of 5.2% in Illinois for February. Sportsbooks won $35.6 million in gross revenue from February’s bets, up 14.9% from $30.3 million in February 2021 and down 40% from $59.3 million in January, as reported by PlayIllinois.com. The win generated $5.3 million in state and local taxes-
Caesars Sportsbook posted a loss for the second straight month in the state, with sports bettors earning $763,419 above the $16.4 million they wagered. Those totals account for the cost to the Caesars for promotional payouts. Nevertheless, Caesars continues growing as the sportsbook has seen a year-over-year total handle of $31.4 million, which doubles its 2021 figures.
The total sports betting handle was more than $1.5 billion for the state for the first two months of 2022, an increase of 41.6% over the previous year. At over $101 million, the adjusted gross revenue is up 22.2%, which shows sportsbooks are increasing profits as the market matures in Illinois.
Online betting accounted for $652.3 million, or 96%, of all wagers in February. FanDuel led all operators with $212.5 million in online and retail wagers, including $211.3 million in online wagering. DraftKings followed with $212.2 million in combined online and retail handle, including $207.8 million in online wagers.
February marked the last month of in-person registration requirements in Illinois, which were lifted in early March just ahead of the NCAA Tournament. March’s revenue will offer deeper insight into the growth that sportsbooks can expect for the remainder of the year in a market no longer artificially restricted.
The state has received $15 million in taxes from sportsbooks so far in 2022, which is up $2.7 million from the same period last year.
March Madness’ numbers
The state also revealed Tuesday that Illinois bettors wagered $286.2 million on March Madness, which includes $278.4 million wagered on about two and a half weeks’ worth of games in the men’s NCAA basketball tournament, and another $7.8 million bet on the women’s tournament.
The casino sportsbooks came out ahead by more than $14.3 million collectively on the college basketball, generating almost $2.2 million in tax revenue for the state.
