Don’t call it a comeback, but after failing to reach the $1 billion mark in sports betting handle in February, The Prairie State bounced back in March in a big way.
According to data from the Illinois Gaming Board, the state broke its own record by reaching the highest handle ever recorded, surpassing $1 billion. This is the fifth time Illinois has achieved this milestone in the past six months. Illinois’ average daily handle also rose from $31.3 million in February to $34.6 million in March.
In total, the ten sportsbooks in the state generated $1,072,701,361 in handle during March. They also earned $107.4 million in revenue, which is a significant increase compared to the previous month of February. The handle experienced a 22.5% month-on-month increase, while revenue saw a substantial 69.7% jump. When comparing year-over-year figures, the handle increased by 10.4%.
Illinois Surges to Top 5 in U.S. Sports Betting
It also propelled Illinois sports betting into the top 5 in the nation. Only New York had a bigger handle in March.
- New York: $1.79 billion
- Illinois: $1.07 billion
- New Jersey: $1.03 billion
- Nevada: $829.8 million
- Ohio: $738.6 million
New Jersey, Nevada, and Ohio round out the top 5 sports betting handles in the country. This year, Illinois leapfrogged Pennsylvania into third place in lifetime sports betting handle with nearly $20 billion bet on sports.
What Is the Sports Betting Handle?
In sports betting, the term “handle” refers to the total amount of money wagered or bet by bettors on sports events within a given timeframe, such as a specific game, day, week, or in this case… a month.
It represents the sum of all bets placed by sports bettors, regardless of whether they win or lose. The handle is an important metric that reflects the overall level of betting activity and provides insights into the popularity and financial performance of sports betting markets.
Although March Madness is getting credit for fueling the high numbers, what happened in March indicates a positive trend in the amount of money being wagered on a daily basis in the state of Illinois.
What makes this achievement even more impressive is that Illinois has only seven online sportsbooks available, unlike other states that offer a greater number of options for bettors. This demonstrates the passion and enthusiasm of sports bettors in Illinois.
Illinois Climbs to Third in Sports Betting Taxes Collected
Sports bettors in Illinois are making a significant contribution to the state’s finances. Illinois ranked third nationwide in terms of sports betting taxes collected, amounting to over $15 million.
Sportsbooks in Illinois are subject to an effective tax rate of 14.6%. This tax revenue helps to fill the state’s coffers and support various public services and initiatives.
More Betting Options Coming to Illinois This Fall
On top of all of this, Dave Briggs from PlayIllinois.com told The Center Square that more betting options are on the way. He anticipates the launch of an eighth online option, Circa Sportsbook, before the start of the NFL season.
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