Post-Super Bowl quiet hits, but Play Illinois predicts that March will likely take more records.
In February, Illinois sportsbooks experienced a decrease in wagering to less than $700 million, the lowest monthly total since September. This decline was expected following the post-Super Bowl lull, with only one NFL game on the schedule, according to i, a tracker of the state’s regulated online gaming and sports betting market. Despite the seasonal dip, there were notable year-over-year improvements, particularly in the last month of mandatory in-person registration.
“The Super Bowl alone cannot replace the betting volume generated from an entire month of NFL football,” said Joe Boozell, the main analyst for Play-illinois.com. “But it is important to recognize that sportsbooks have shown strong annual growth, which likely accelerated in March with eased registration requirements and the NCAA Tournament.”
Newly released official data revealed that Illinois’s online and retail sportsbooks saw a total of $679.4 million in bets placed in February. This figure was on par with the $650.5 million in bets placed during the Super Bowl. While February’s handle marked a 21.7% decrease from January’s record-breaking $867.5 million, it also represented a significant 33.3% increase from the $53.7 million recorded in February 2021. The daily betting volume in February rose to $24.3 million, up from $18 million in 2021 but slightly lower than January’s $28 million.
Sportsbooks made $35.6 million in gross revenue from bets in February, a 14.9% rise from the $30.3 million earned in the same month last year. However, this was a 40% drop from January’s $59.3 million. As a result, state and local governments received $5.3 million in taxes.
February usually sees a drop in betting activity because of its shorter length and only having one NFL game, the Super Bowl, scheduled. This quiet period falls between the busy betting months of January and March.
Eric Ramsey, an analyst for the PlayUSA.com Network which includes Play Illinois.net, explained that the announcement of a comprehensive plan by baseball has alleviated the main worry for casinos. He noted that with the return of a consistent sports schedule, sportsbooks in Illinois can now anticipate more stability after the uncertainty caused by the pandemic in 2020. Ramsey also mentioned that as registration requirements change, the market is expected to reach its full potential.
In February, online betting dominated the market with a total of $652.3 million in bets, representing 96% of all bets placed. FanDuel and DraftKings were the main contenders, with FanDuel leading the pack at $212.5 million in combined online and retail bets, including $21.3 million for virtual bets. DraftKings closely followed with a total of $212.2 million in bets, of which $207.8 million were net bets.
The deadline for in-person registration requirements in Illinois, which were eliminated in early March just before the NCAA Tournament, was in February. With the market no longer artificially restricted, the revenues from March will provide a clearer picture of the potential growth that sportsbooks can anticipate for the rest of the year.
According to Boozell, the second chapter of the sports betting market finished in February. The main question is whether Illinois can outpace New Jersey and Nevada to become the second largest sports gambling market in the U.S, following only New York. We see this as a realistic possibility.
For more, visit Play-illinois.com/news.
Email: [email protected] Name: Zack Hall Company: Catena Media
