The March handle was driven by solid betting on the men’s and women’s March Madness tournaments. The men’s tournament was particularly popular, with Illinois sportsbooks taking in $625 million in bets. This was the second-highest handle for any sporting event in Illinois history, behind only the Super Bowl.
The Women’s March Madness tournament also generated strong betting interest, with Illinois betting apps taking in $175 million in bets. This was the highest handle for any women’s sporting event in Illinois sports betting history.
The record March handle helped Illinois to finish the first 25% of 2023 with a total handle of $3.2 billion. This was a 27% increase from the first quarter of 2022.
The IGB also reported that Illinois sportsbooks generated $107.5 million in revenue in March. This was the fourth-highest monthly revenue total in Illinois history.
The record March handle and revenue are a sign of the continued growth of the sports wagering industry in Illinois. The state is now one of the top five states in the country for sports betting, and growth is expected to continue to grow for the foreseeable future.
Here are some additional details about the March 2023 sports betting handle in Illinois:
- The top three sports for betting in March were basketball, tennis, and baseball.
- The leading three operators by handle were BetMGM, DraftKings, and FanDuel.
- The average hold percentage for Illinois sportsbooks in March was 5.8%.
- Parlays earned the operators $58.7 million with an astonishing 20% hold rate
- The state collected $107.5 million in tax revenue from sports betting in March.
The continued growth of is a positive development for the state. The industry has generated over $240 million in additional tax revenue, which can fund essential Prairie State programs and services while creating economy boosting employment opportunities.
The IGB is committed to responsibly regulating the sports betting industry. The board has implemented many safeguards to protect consumers, including a self-exclusion program and a responsible gaming hotline.
The Illinois Gaming Board is also working to expand the availability of sports betting in Illinois. The board recently approved Circa Sportsbook, and additional applications are expected in the coming months.
The industry generates significant tax revenue, creates jobs, and stimulates the economy. The IGB is committed to responsibly regulating the industry and expanding the availability of sports gambling to state residents.
