PlayIllinois: Illinois Sportsbooks Join National Trend with Record-Shattering $80 Million Win in November
The record win led to $79.3 million in taxable revenue, topping the record $52.6 million set in October while yielding a record $12.7 million in state and local taxes.
LAS VEGAS, Jan. 10, 2022 /PRNewswire/ -- Illinois sportsbooks won nearly $80 million in November, the state's most lucrative month since sports betting launched even as wagering fell just short of another record. With the third-most revenue in the country in November, Illinois is a significant contributor to a month-long surge in revenue that so far has totaled $658.5 million across legal U.S. sports betting markets, according to PlayIllinois, which tracks the state's regulated online gaming and sports betting market.
"Even in what was the most profitable month in U.S. sports betting history, Illinois stands out because of how dramatic its growth has been," said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayIllinois.com. "What is most remarkable is the state's sportsbooks continue to post these results with the market hampered by the ban on in-state college sports and in-person registration. The sky will truly be the limit with those handcuffs removed."
Bettors poured $779.8 million in wagers into the state's retail and online sportsbooks in November, falling short of the record $840.4 million in wagers that were placed in October, according to official data. With four weekends of football in November, compared with five weekends in October, betting volume dipped to $26.0 million per day over the month's 30 days from $27.1 million per day over the 31 days in October. Year-over-year, wagers were up 74% in November from $449.2 million in November 2020.
Most importantly, sportsbooks won a record amount of revenue from November's bets. Gross revenue rose 112% to a record $78.2 million in November from $37.0 million in November 2020, shattering the state's previous high of $49.9 million set in March. The record win led to $79.3 million in taxable revenue, topping the record $52.6 million set in October while yielding a record $12.7 million in state and local taxes.
With a number of states yet to report November data, legal sportsbooks in the U.S. have won a record $658.5 million, already obliterating the gross revenue record of $443.6 million in gross revenue generated across the country in October. Illinois placed No. 3 in November in terms of wagering and revenue, trailing New Jersey ($114.8 million in revenue on $1.3 billion in wagering) and Nevada ($1.1 billion handle, $72.0 million in revenue) in handle, and New Jersey and Pennsylvania ($761.6 million handle, $84.9 million in revenue) in revenue.
"In a young market like Illinois, sportsbooks continue to expand their reach, and bettors are becoming increasingly comfortable with less conventional products such as in-game betting," said Joe Boozell, lead analyst for PlayIllinois.com. "With an already expanding market and regulation changes in the state that will open new avenues for sportsbooks, 2022 should bring explosive growth."
With four weekends on the calendar, including only three games played by the struggling Chicago Bears, football betting expectedly slipped to $257.1 million in November from $330.1 million in wagers during a five-weekend October. But exuberance over the Chicago Bulls helped fuel $226.3 million in betting on basketball, up from $93.3 million in October. Tennis ($39.8 million), soccer ($27.8 million), and hockey ($24.8 million) also generated significant action.
"Football betting understandably gets a lot of attention, but the NBA quietly generates an enormous amount of betting interest," Boozell said. "Enthusiasm over the Bulls in particular has surged after such a good start to the season, and that will help buoy sportsbooks for the coming months."
$745.9 million of all wagers in November, or 95.7% of the state's total handle, were made through online sportsbooks. DraftKings/Casino Queen topped the state with $288.7 million in combined online and retail handle, including $283.8 million in online wagers. The combined handle was down from $315.3 million in October but produced $21.9 million in gross revenue.
FanDuel was No. 2 with $216.2 million in online and retail wagers, including $214.4 million in online wagering. The combined handle was down from $236.7 million in October, producing a market-best $30.2 million in gross revenue.
For more revenue information, visit PlayIllinois.com/revenue/.
About the PlayUSA Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contact:
Zack Hall, Catena Media, 775-338-0745, [email protected]
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SOURCE PlayIllinois.com
