Sports betting in Illinois reached a new revenue record in November, as sportsbooks in the state won nearly $80 million. Thus, the figures imply the state’s most lucrative month ever since the market launched while, at the same time, Illinois also saw the third-most revenue in the US in November.
Illinois’ case has been described as remarkable by experts as sportsbooks manage to post record-high revenues despite the market being hampered by a ban on in-state college sports and in-person registration.
During the month, bettors placed $779-8 million in wagers, which fell short of the record $840.4 million in handle posted in October last year. Betting volume dipped to $26 million per day in November against $27.1 million daily during October, but volumes were considerably up -74%- against $449.2 million in November 2020.
Meanwhile, gross revenue rose 112% to a record $78.2 million in November, versus $37 million in November 2020, while also beating the previous high of $49.9 million set in March. The record win led to $79.3 million taxable revenue, topping the record $52.6 million set in October, while also yielding a record $12.7 million in state and local taxes.
“Even in what was the most profitable month in U.S. sports betting history, Illinois stands out because of how dramatic its growth has been,” said Eric Ramsey, an analyst for the PlayUSA.com Network. November has so far seen $658.5 million across legal US markets.
On a nationwide scale, Illinois placed third in November in terms of handle, behind New Jersey, which posted $114.8 million in revenue on a $1.3 billion handle, and Nevada, which posted $72 million in revenue on a $1.1 billion handle. It also placed third in terms of revenue, behind New Jersey and Pennsylvania, the latter posting $84.9 million in revenue on a $761.6 million handle.
“In a young market like Illinois, sportsbooks continue to expand their reach, and bettors are becoming increasingly comfortable with less conventional products such as in-game betting,” said Joe Boozell, lead analyst for PlayIllinois.com. “With an already expanding market and regulation changes in the state that will open new avenues for sportsbooks, 2022 should bring explosive growth.”
November featured four weekends on the calendar, and included only three games by the Chicago Bears, making football decrease to $257.1 million in wagers from $330.1 million during October, a five-weekend month.
However, Chicago Bulls, which had a strong start to the season, are credited with helping fuel a total of $226.3 million in betting on basketball, notably up from $93.3 million in October. The sports rounding up the top five are tennis, at $39.8 million; soccer, at $27.8 million; and hockey, at $24.8 million.
Most of the state’s total handle for the month -$745.9 million of all wagers, about 95.7%- corresponded to online sportsbooks. DraftKings and Casino Queen topped Illinois with $288.7 million, online and retail handle combined.
FanDuel placed second, with $216.2 million in online and retail wagers, most betting being carried online ($214.4 million). The combined handle was down from $236.7 million in October, producing a market-best $30.2 million in gross revenue.
A number of states have yet to report November figures. However, partial figures reveal legal sportsbooks in the country have won a record $658.5 million in the month, already surpassing the gross revenue record of $441.6 million, set in October.
Original article: https://www.yogonet.com/international/news/2022/01/11/60896-illinois-posts-record–782m-sports-betting-revenue-for-november–up-112-
