Illinois Sports Betting Records a 29% Increase in Handle Compared to Last Year
Illinois Sports Betting Records a 29% Increase in Handle Compared to Last Year
The state of Illinois has seen a significant increase in sports betting handle in the first quarter of 2021 compared to the same period last year. According to the Illinois Gaming Board, the state’s sportsbooks generated a total handle of $1.5 billion from January to March this year, representing a 29% increase from the $1.2 billion recorded in the same period in 2020.
The surge in sports betting activity in Illinois can be attributed to several factors, including the continued growth of online sports betting and the return of major sporting events that were postponed or canceled last year due to the COVID-19 pandemic.
Illinois launched online sports betting in June 2020, and since then, it has become the primary driver of sports betting revenue in the state. In March 2021, online sports betting accounted for 95.8% of the total handle, while retail sports betting contributed just 4.2%.
The return of major sporting events such as March Madness and the NBA playoffs has also played a significant role in driving up sports betting activity in Illinois. March Madness alone generated a total handle of $633.9 million, accounting for more than 40% of the total handle in the first quarter of 2021.
The increase in sports betting activity has also resulted in a significant boost in tax revenue for the state. In the first quarter of 2021, Illinois collected $27.2 million in tax revenue from sports betting, compared to just $7.2 million in the same period last year.
Despite the impressive growth in sports betting activity, Illinois still lags behind other states such as New Jersey and Pennsylvania in terms of total handle and revenue. However, with the continued growth of online sports betting and the return of major sporting events, Illinois is poised to become one of the top sports betting markets in the country.
In conclusion, the surge in sports betting activity in Illinois is a positive sign for the state’s economy and the sports betting industry as a whole. With the continued growth of online sports betting and the return of major sporting events, Illinois is well-positioned to become a major player in the sports betting market.