Illinois is another state to break its record for the highest monthly sports betting handle. The Illinois sports betting handle for October is at $840.4 million. This gives us a 93.5% year-on year handle from October 2020’s report. It is also 41% higher than September’s handle of $591.8 million. The previous record of the state was back in March with $627.6 million. Writers at the Bwager.com blog are seeing a lot of sports betting records broken, and we expect more in the coming months.
But like many in the pay per head bookie solution industry believe, Illinois could actually do better without being tethered by the requirement for online bettors to register in person in a casino first. This particular caveat to online betting prevents bettors from just registering to an online sportsbook any time they want to. The potential for this is quite glaring in Illinois case, as 97% of all wagers come from online wagers.
Illinois Sports Betting Handle
The sports industry’s calendar in the US was a particularly busy one for October, with 5 weekends available for bettors. If you look at your sports betting platform features, you will see that the bulk of the action really comes from the weekends, when professional leagues either have a full schedule, or put in the most exciting games on these days. Football has $330.1 million in wagers for the month, while basketball rakes in $93.3 million. The NFL and the NBA are popular sports leagues during this time with the year, plus the NHL. You also have college basketball and college football bringing in more action.
Gross revenue is at $48.3 million, 3% higher than October of last year’s. The taxable revenue for the state is also a new record at $52.6 million in adjusted gross revenue. This means a yield of $8.5 million in local and state taxes. Industry experts are optimistic that the state’s sportsbook will continue to attract new players and generate higher sports betting handles.