The Illinois Gaming Board (IGB) has released the Illinois sports betting revenue and handle numbers for October. The report shows all-time highs in both sports betting handle and revenue.
The Illinois revenue report revealed that $1.03 billion was wagered on sports in October. This makes Illinois only the fourth state to see a $1 billion betting handle.
ILLINOIS BREAKS RECORDS
The Illinois sportsbooks handle for October 2022 marks a 22.5% increase year over year to the $840.4 million wagered in October 2021. The steady increase in activity shows that Illinois has only grown as a sports betting market.
Only New York, New Jersey, and Nevada have seen billion-dollar betting handles in a single month. Illinois’ October numbers also rank 18 in the highest total for any state. Illinois betting fans have pushed their market into being one of the largest in the country.
In total, for 2022 Illinois sportsbooks have seen $7.7 billion wagered through the first 10 months, already eclipsing all of 2021. Illinois ranks third in total handle, only trailing NY and NJ. Illinois holds an $800 million lead on Nevada.
Sportsbooks saw $102.1 million in total revenue from sports betting, according to the Illinois sports betting revenue report. This is the most revenue Illinois has seen. The Prairie State has continued to dominate constantly in revenue and betting handle, pushing the market ahead. Illinois is expected to continue this dominance.
SPORTS BETTING DOMINANCE SUSTAINABLE
Illinois will see the addition of a major casino in Chicago, the first casino in the city. This casino will also bring forth a major retail sportsbook to the Windy City and be within walking distance from the United Center. Bally’s holds the license for the casino and is investing millions of dollars to bring the location to life.
This is expected to be a major betting hub once it opens and this should see even more betting traffic in Illinois. Local fans have embraced sports betting in a major way. The continued success of both retail and online operations has seen Illinois become a major player in the US sports betting industry.
The IGB report does not include how much tax revenue was collected from sportsbooks. Illinois sportsbooks have a progressive tax rate, based on the sportsbooks’ betting handle.
https://www.thelines.com/illinois-sports-betting-revenue-october-2022/