Boosted by a busy sports schedule, the sportsbooks in Illinois hit a new monthly record for revenue and wagering in October.
Sports Betting Revenue, Wagers Skyrocket in October in Illinois
Numbers released earlier this week by PlayIllinois show that online and retail sportsbooks in Illinois hit $840.4 million in wagers and revenue for October. This result completely swept away the values in previous months and even surpassed the record of $633.6 million set by sportsbooks in March this year.
Just a month earlier, in September, the sportsbooks’ revenue halted at $596.5 million. When compared to the $840 million in October, this marks a significant 40.9% increase. Moreover, the wagering and revenue increased significantly this October when compared to October 2020. In October last year, the revenue halted at $434.6 million. This represents a staggering 93.4% increase that was observed this October.
Further comparison shows that gross revenue in October hit $48.3 million this October, marking a 2.9 increase when compared to October 2020. Moreover, the gross revenue marked an 8.4% increase when compared to the $44.6 million a month earlier in September 2021. Not unexpectedly, taxes also grew. In October this year, the activity generated $8.5 million in the form of local and state taxes.
Further Growth of the Market Is Expected Soon
Eric Ramsey, an analyst for PlayUSA revealed that the start of the NHL and NBA seasons have undoubtedly boosted the performance of sportsbooks in October when compared to months with less action. Moreover, he acknowledged that in October, there was an extra weekend for NFL and college football. Ramsey predicted that the market in Illinois “should grow even stronger in the coming months.”
The record result for October comes despite the active in-person registration. In fact, this is the first month, with record revenue since the reintroduction of the in-person online registration in April. However, this will likely change next year, considering the efforts to remove in-person registration in Illinois. As soon as that happens, predictions show that the market can easily surpass $1 billion a month.
“The Illinois sports betting market is thriving in spite of the current online registration rules, so it’s exciting to imagine what it will look like when sportsbooks are untethered.”Joe Boozell, lead analyst at PlayIllinois
Joe Boozell, lead analyst for PlayIllinois stressed that the market in Illinois is thriving despite the in-person registration rules. Moreover, he predicted that it is likely for new operators to enter the state as early as next year and increase the number of operators from six to “double-digits.” Boozell did acknowledge that some residents of the state undoubtedly had an interest in placing a bet via an online sportsbook, but wouldn’t “make a trip to a retail sportsbook to register.” In conclusion, he revealed that the more operators enter the state and increase the competition, the more benefits there will be for bettors.