The inaugural year of sports betting in Illinois has come to a close, and it has been a significant year, as expected.
In Illinois, the total sports betting handle exceeded $7 billion, resulting in operators earning close to $500 million in revenue. As a result, the state and local governments collected $84.7 million in taxes.
All the numbers we are familiar with are relatively large and small in comparison to what we will encounter in the future.
Major changes are on the horizon for the sports betting scene in Illinois. Starting on March 5, in-person registration will no longer be necessary. The upcoming launch of the BetMGM Sportsbook in Illinois is just the beginning, with the potential for other sports betting apps to enter the market as well.
Therefore, as we reach the end of 2021, it marks a significant juncture. We are delving into the comprehensive sports betting data of the year from every angle (Continue reading the story here.)
The most well-liked game was basketball, right?
What is known as the ultimate sports bet in the world of sports betting?
There are multiple potential explanations for this phenomenon. Additionally, hockey has a larger volume compared to basketball.
While the Super Bowl is known for being a popular day for sports betting, March Madness actually exceeds it in terms of total handle, revenue, and other factors, thanks to the large number of games involved.
The analogy can be drawn between football and basketball, although it is not a perfect comparison. The NBA season is much longer than the NFL season, and college basketball also has a longer season compared to college football.
The NBA season typically lasts around eight weeks, while the NFL season goes a little over five weeks. Even though the championship games are highly popular, they are fundamentally just games.
The unique timeline of 2021 was further impacted by the NBA season, which began in late December 2020 and extended until July due to COVID-19 delays. As a result, the NBA introduced a variety of new sports during this extended season.
It will be interesting to see if sports can close the gap in basketball in a typical year. However, the emphasis in training is on not underestimating size.
DraftKings and FanDuel are in charge.
The image above shows that both DraftKings and FanDuel have a market share of at least 30% in Illinois based on handle. As a result, it appears that the penalty box has minimal impact.
In 2021, they collectively dominated 67.1% of the sports betting market in Illinois, a truly remarkable achievement.
However, it is possible that they could see a decrease in 2022 and beyond due to increased competition from the opening of more bookmakers. Both Barstool and Caesars by William Hill may have more opportunities to attract new customers through online subscriptions. In particular, Barstool could see a significant boost from mobile memberships.
DraftKings led in terms of handle in the state, but FanDuel surpassed in revenue due to their strength in parlays, which offer a significant margin for sportsbooks. Illinoisans are projected to bet $1.5 billion in 2021, with parlays playing a major role in FanDuel’s success as the market leader.
More estimates and anecdotes about Illinois
Last month, sports betting brought in $84.7 million in tax revenue, with projections indicating that this figure will increase to $100 million by 2022.
In 2021, technicians earned a total income of $534.1 million, with projections suggesting it will fluctuate between that amount and $1 billion in the following year.
Even though in-person registration was an option in Illinois for most of 2021, mobile betting was overwhelmingly the preferred choice for placing bets, accounting for an impressive 95.4% of the total handle last year.
Although the volume is predicted to remain stable in 2022, it indicates significant potential for growth in various sectors. If given the chance, many people may be inclined to sign up for an online casino, but could be reluctant to do so at physical sportsbooks.
Although our market may not be as large as New York’s, we can expect to see some significant sports betting numbers coming from Illinois in 2022.
