Illinois Sports Betting Sets New Record
The March sports betting numbers have finally been revealed by the Illinois Gaming Board, and it was a record-setting month for the state.
The 2021 NCAA Men’s Basketball Tournament helped the state shatter some previous records and pushed Illinois into the third-largest market in the US.
March saw the total sports betting handle total climb all the way to $633.6 million, and it was the first time Illinois has gone over $600 million. The previous record was set in January 2021, but this new record might stand for a long period of time.
The Illinois Gaming Board previously teased that a big sports betting handle number was coming by releasing figures for the NCAA Tournament. According to that report, betting on the NCAA Tournament nearly reached $177 million.
Basketball was the most popular sport to bet on in March as that sport brought in $365.7 million in wagers. This was the only sport that brought in more than $100 million in bets, and this could also lead to a drop in overall numbers for the upcoming months.
Mobile sports betting accounted for all but four percent of the total handle in March, and that has been a common theme since the industry was launched. Retail sportsbooks are back in operation in Illinois but continue to have restrictions in place.
Sports betting revenue for March in Illinois was $44.3 million, and the state was able to generate $6.6 million in taxes thanks to the large jump in betting.
Governor J.B. Pritzker failed to extend the remote registration period back in April, and that could lead to a large drop in the sports betting numbers. Unless action is taken by the governor or lawmakers, in-person registration will remain in place until January 2022.
“Big Three” Leading the Way
DraftKings, FanDuel, and BetRivers have emerged as the clear market leaders in Illinois, and those three accounted for more than 81 percent of the total market share in March. DraftKings and BetRivers actually saw its market share drop during March, while FanDuel went in a positive direction.
BetRivers was the first online sports betting option in the Land of Lincoln, but that operator is holding steady in third place. That company posted a total handle of $95.7 million in March or a 15.7% market share.
DraftKings is the clear leader in the state of Illinois, bringing in a total handle of $203.9 million. FanDuel accounted for a market share of 32 percent in March or a total handle of $194.9 million.
Barstool Sportsbook launched its online sportsbook on March 11, and it could become a real threat to break up the current top three in the state. Barstool posted a total sports betting handle of $47.8 million, and that number should increase as it continues to become a more established option.
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