After amassing a sports betting handle of $679.4 million in February, Illinois has eclipsed the $10 billion lifetime mark in total sports betting handle. This makes Illinois the fourth state to reach that figure, joining New Jersey, Nevada, and Pennsylvania. Legal sports betting launched in Illinois in March 2020.
According to data from the Illinois Gaming Board, the total handle from sports wagering dropped 21.8% from January 2022, which was a record $867.5 million and fueled by the NFL playoffs, the College Football Playoff, and college football bowl season.
Adjusted revenue was lower than in previous periods for sportsbooks operating in the state. Those figures indicate that the sportsbooks “won” wagers with bettors at a rate of 5.2% in Illinois for February, which included Super Bowl activity.
Caesars Sportsbook Takes It On The Chin…Again
Caesars Sportsbook posted a loss for the second straight month in Illinois, with sports bettors earning $763,419 above the $16.4 million they wagered. Those totals account for the cost to the Caesars for promotional payouts. Thus, Illinois bettors found a way to defeat Caesars at a high rate for a second consecutive month.
Still, Caesars is growing. The sportsbook has a year-over-year total handle of $31.4 million, which is more than double its figure from 2021. Promotions and losses have led to Caesars posting a -4.9% hold on sports betting activity this year.
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Parlays Remain Popular
Since the launch of Illinois sports betting more than two years ago, parlays have been popular. In February 2022, bettors won cashed parlays at an impressively high rate, with sportsbooks successful at only 9.5% of the total handle. Typically sportsbooks will record a rate well over 10 percent, often approaching 15% on parlays, which require bettors to be successful on multiple events within a sporting competition or competitions.
Illinois operators report more than $13.4 million from parlays in February. FanDuel gobbled up more than half of that total, much of it on college and professional basketball.
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Illinois Sports Betting Revenue Is Increasing
The total sports betting handle was more than $1.5 billion in Illinois for the first two months of 2022, an increase of 41.6% over the previous year.
At over $101 million, the adjusted gross revenue is up 22.2%, which shows that sportsbooks are finding ways to increase profits as the market matures in Illinois. The win rate for sportsbooks in 2022 is reported at 6.59% by the Illinois Gaming Board — up 1.05 points.
The state has received $15,272,894 in taxes from sportsbooks so far in 2022, which is up $2.7 million from the same period last year.