Illinois now the 2nd largest sports betting market in the country | Granite City News
Illinois is now the second largest sports betting market in the country.
According to figures from the Illinois Gaming Board, the state took in nearly $565 million in gross gaming revenue in August, about $8 million more than New Jersey. New York led the country with revenue of more than $877 million.
Dave Briggs from PlayIllinois.com said it is an impressive feat considering the infancy of Illinois sports betting.
“We are really only talking about going back to March of 2020 when this all started, so to already pass such an established sports betting area as New Jersey, that really shows it’s got quite a future,” said Briggs.
Illinois sportsbooks have now exceeded $1 billion in gross gaming revenue for online activity since sports betting began. Ninety-four percent of all sports bets in Illinois have been made online.
In March of this year, a law was enacted which allowed Illinois residents to sign-up online for sportsbooks, rather than having to do so in-person at one of the state’s land-based casinos.
Briggs said he expects September’s numbers to be impressive.
“We are just talking August numbers, so there was no NFL yet, and when they come in they have to be huge,” said Briggs. “The first week of betting just on the NFL, there were some numbers floating around that it was up substantially in Illinois.”
Illinois sportsbooks have produced nearly $175 million in tax revenue for state and local governments since the industry launched. All tax funds go into a Sports Wagering Fund. On the 25th of each month, any money in that fund in excess of the anticipated monthly expenditures from the fund through the next month are transferred to the Capital Projects Fund.
Briggs said with more sportsbooks coming online in Illinois, the state has a chance to surpass Pennsylvania into third place in terms of lifetime sports betting revenue.
Since the beginning of legal sports betting, over $157 billion has been bet in the United States. Currently, 26 states allow sports betting.