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December 9, 2022 Sports Betting, Finance, Results

Illinois bettors wager over $1bn on sports in October

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The latest financial results are a new record for the state's sports betting industry.

The financial results for sports betting in Illinois over the course of October 2022 have been revealed. Through the month, bettors in the state placed over $1bn on sports, a new record for the recently established sports betting market.

Illinois Gaming Board Administrator Marcus Fruchter said during a monthly meeting that sportsbooks in Illinois came out ahead for the month with over $102m in revenue. 

The state joins New York, New Jersey and Nevada as the only states to cross the billion-dollar mark in a single month. It was also revealed that state citizens have now wagered nearly $17bn on sports since the industry first launched. 

Analyst Dave Briggs said: "It is an incredible accomplishment for everyone involved in the Illinois sports betting industry to exceed $1bn in handle. 

"Betting on the NFL and the opening of both the NBA and NHL regular seasons were major catalysts behind the record month."

After first launching in the state shortly before the Covid-19 pandemic in March 2020, the state's 12 sportsbooks have netted almost $1.3bn over this period, creating almost $190m in tax revenue.

The October betting numbers were boosted largely by the first full month of NFL games. Football was the most popular sport to bet on, with a handle of $358m. The sport was followed by basketball at $114m and tennis at $85m.

Many government officials have stated that the market will continue to grow as new sportsbooks are set to be built at Chicago’s major sports stadiums along with applications for online-only sports betting licenses. 

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