According to Play Illinois, March Madness and the elimination of the in-person membership criteria set a record-breaking month.
In March, Illinois sportsbooks experienced a notable increase in betting, with nearly $1 billion in wagers placed, setting a new state record. The surge in revenue was fueled by bets on the NCAA Tournament and the removal of in-person registration rules, according to Play Illinois, which monitors the state’s online gaming and sports betting industry.
According to Play-illinois.com analyst Jake Garza, the success of March Madness combined with the removal of in-person registration demonstrates a more open market in Illinois.
New data released on Monday shows that sportsbooks took in a record-breaking $971.3 million in wagers in March, marking a 53.3% increase from the $633.6 million bet in March 2021. This total surpasses the previous record of $867.5 million set in January and represents a 43.0% increase from the $679.4 million wagered in February. The spike in March’s numbers can be attributed to the $278.4 million bet on the NCAA Men’s Basketball Tournament.
In March, sportsbooks saw a significant increase in gross revenue, totaling $79.4 million. This marked a 59.2% increase from the $49.9 million earned in March 2021 and a 155.6% rise from the $31.1 million in February. This new record surpassed the previous monthly revenue record of $78.2 million set in November 2021. The winnings also contributed $9.8 million in state and local taxes.
In March, online betting saw its first month of wagering without the need for in-person registration, as new regulations came into effect on March 5. This change eliminated the previous requirement for bettors to register at a physical sportsbook, which had been a deterrent for many potential bettors and had stunted market growth.
Eric Ramsey, an analyst for the PlayUSA.com Network, predicts that the sports betting industry in Illinois will see significant growth this year, despite the usual slowdown in April. Ramsey also suggested that Illinois could surpass all other US markets by the start of football season.
In March, online bets accounted for 95.5% of total bets, totaling $927.5 million. FanDuel was the top performer with $315.3 million in net and financial bets, including $310.7 million in online bets. DraftKings came in second with a total handle of $289.2 million, with $284.2 million in online bets.
In March, sports competing in NCAA games for both men and women, as well as the NBA, drew a remarkable $554.3 million in straight bets. Tennis followed as the next most popular wager after parlay betting, with bets totaling $64 million.
Sources indicate that March will be the last major month before football season, with no football or college basketball to generate excitement in the upcoming months. Despite this, bettors will stay engaged with the NBA playoffs, baseball, and major golf tournaments. While we may have to wait until September for the first month with $1 billion in state revenue, these sports will continue to captivate bettors.
For more, visit Play-illinois.com/news.
