It’s officially time to introduce the newest state to join the $1 billion club in the sports betting industry. Illinois is just the fourth state to hit this remark, joining New Jersey, Nevada, and New York.
The Prairie State Becomes the First Midwestern State to Hit the Milestone
The Illinois sports wagering market has gone through many changes since the operation began. The market has boomed since the rule change, allowing bettors to sign up using mobile devices. Bettors can also bet on in-state collegiate programs in casinos and other gaming facilities across the state.
Illinois Gaming Board Administrator Marcus Fruchter stated that the overall handle for October registered a total of $1.03 billion. With the numbers in the books, Illinois became the first Midwestern state to reach that mark.
The Midwest is a solid contributor to the market as a whole. Michigan and Indiana continue to be prominent markets in the industry. Ohio will also be joining the mix on New Year as the Buckeye State will be pushing a universal launch to start the new year.
The only time sportsbook operators in the Prairie State nearly hit the $1 billion territory was during the March Madness Tournament. Bookmakers combined to register a handle of as $971.3 million.
Where Does the Handle Stand in the Record Books?
In the post-PASPA era, the monthly handle ranks 18th in handle and 20th in revenue. Comparing the year-over-year figures, this year’s handle is 22.5 percent higher than October 2021’s $840.4 million.
During October, Illinois‘ adjusted revenue total was $102.1 million, making it the third state to post a nine-figure total. While its October handle was about $30.6 million less than New Jersey’s, its total handle through the first ten months of the year is already more than its total handle for 2021.
Illinois is almost certain to be well-positioned to be third among all states for 2022. Fourth place Nevada trails by a large margin. Illinois will have two more months to finish the fourth quarter of 2022 on a high note.
How Did the Sportsbooks Operators Do For the Month?
FanDuel continues to be the leader for same-game-parlays as it becomes the first operator to reach the $100 million mark with such plays. With a record $60.4 million parlay revenue in November, FanDuel surpassed the previous record of $44.2 million.
PointsBet and DraftKings are the next bookmakers to follow the trend. From its $19.4 million handle, PointsBet claimed $4.9 million from parlays. DraftKings claimed $13.9 million from parlays out of its $85.5 million total handle.
The public couldn’t find any sort of luck in the parlay department, as the numbers show. However, the public fared well on single bets as operators combined for a win rate of 5.3 percent in that category.
Some of the brick-and-mortar locations had some strong hold rates for the month. The facility that had the highest success rate in terms of win rate was Ceasars’ Grand Victoria Casino. The location registered a win rate of 26.6 percent.
