Le Lézard
Classified in: Tourism and vacations, Sports and recreation

Illinois Sportsbooks Reach $450 Million In November, Hitting Yet Another Rare Milestone, According to PlayIllinois


LAS VEGAS, Jan. 27, 2021 /PRNewswire/ -- Illinois online and retail sportsbooks collected more than $450 million in wagers in November, setting a fresh record for monthly handle to place fourth among legal sports betting markets in the U.S. It's a remarkable ascent for a fledgling market that has become the fourth state in history to enjoy a month with more than $450 million in bets, according to PlayIllinois, which offers news and analysis of the state's gaming industry.

"Illinois' success is more than just a large population fueling impressive numbers that dwarf smaller states," said Jessica Welman, analyst for PlayIllinois.com. "Illinois is rivaling markets such as Pennsylvania that are far more mature and just as large, and it's doing it because the top online sportsbooks in the country are investing heavily in the market and Illinois bettors are responding with an unprecedented fervor."

Illinois bettors placed a record $451 million in wagers in November, according to "approximate" data released Wednesday by the Illinois Gaming Board. That is up nearly 4% from $434.6 million in October. Only New Jersey ($931.6 million) and Nevada ($609.4 million) ? the two oldest legal sports betting markets in the U.S. ? and Pennsylvania ($491.9 million) generated more in bets during November 2020.

November's bets produced $41 million in adjusted gross revenue for the operators, down slightly from the state record $42.2 million in revenue generated in October. Those gains yielded $6 million in state taxes.

Despite a relative leveling from October to November, Illinois' ascent remains unprecedented. New Jersey did not surpass $450 million in monthly handle until its 17th month after launch. It took Pennsylvania even longer, reaching the mark with $462.8 million in September 2020, 23 months after launch.

Aside from the suspension of the state's in-person registration requirements, much of what has fueled the market is interest in regional sports, particularly the Chicago Bears and Notre Dame. But the Bears went 0-4 in the month, and without baseball and the NBA Finals, November offered less to bet on than in October. In addition, retail sportsbooks were shuttered in mid-November because of Covid-related restrictions.

"At this point, it makes sense to adjust our expectations up for the market," said Joe Boozell, analyst for PlayIllinois.com. "The retail market was shut down in November, and this was the first month since the market really heated up in July that the sports schedule was slower than the month before, and yet sportsbooks still made gains. Such resilience shows that Illinois is maturing more quickly than anyone imagined."

With retail sportsbooks shuttered for the second half of the month, online sports betting accounted for the vast majority of all bets. Specific operator data was not immediately released.

With only five online operators, Illinois is still home to a relatively short roster of sportsbooks. But Penn National's Barstool-branded app, BetMGM, and Unibet are among those that are expected to launch in Illinois in the coming months, which should give the state a boost.

"Remarkably, Illinois has done all this with just a handful of operators and without some of the best-known brands in the industry," Boozell said. "The gains will continue to attract operators, and could have Illinois poised to challenge even the largest market in the U.S., so long as the state's in-person registration requirement remains suspended."

For more information, visit PlayIllinois.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S. 

Contacts:
Zack Hall, DVA Advertising & PR, 541-389-2411, 290209@email4pr.com 

 

SOURCE PlayIllinois.com


These press releases may also interest you

at 13:04
Hotel Asset Value Enhancement (hotelAVE), the premier hotel asset management company, has appointed Stephen Stoycos as the Executive Vice President of the firm's Hospitality Advisory & Consulting business. Mr. Stoycos, a highly regarded industry...

at 13:00
Carnival Cruise Line has notified booked guests and travel advisors that its pause in operations from U.S. ports has been extended through May 31, 2021. A date for the return of guest cruising operations from U.S. ports has not yet been determined. ...

at 13:00
United Airlines Holdings, Inc. (UAL) announced today that Laysha Ward is joining its Board of Directors. Ward, currently Executive Vice President and Chief External Engagement Officer of Target Corporation, brings an impressive resume with more than...

at 12:45
VM Hotel Acquisition Corp. ("VM Hotel") has filed a final prospectus dated February 23, 2021 (the "Final Prospectus") with the securities regulatory authorities in all provinces and territories of Canada, except Quebec, and have obtained a receipt...

at 12:30
Hand & Stone Massage and Facial Spa, the 475-plus-unit massage and facial spa franchise with a mission to bring affordable massage and facial services to everyday consumers, is launching a new conversion incentive program for franchise owners. The...

at 12:00
The "Medical Tourism Global Potential 2021: Volume 1 - Background and Figures" report has been added to ResearchAndMarkets.com's offering. This report will help you to understand the competition in terms of which countries have the highest number of...



News published on 27 january 2021 at 16:49 and distributed by: