It has been reported today that sports betting in the state of Illinois continues to surge with over $400 million in bets placed during the month of October 2020.
According to research and analysis firm PlayIllinois, part of PlayUSA, the state reached a betting high within a four month period uncomparable to any other region over more than twelve months.
Reportedly, the large sums of cash wagered over the period of one month was in part due to the scrapping of in-person registration, which in turn opened up more channels for residents to take part in sports betting, particularly during unprecedented times.
Analyst for PlayIllinois Joe Boozell explained more about the findings:
“Illinois has long been an intriguing market, but nobody expected this kind of start.
The market is still nowhere near maturity and yet it may still challenge Pennsylvania and Nevada in the coming months.
We projected the market to one day take in $10 billion in bets annually, and while that is still likely a few years away, it could come quicker than anyone dreamed, too.
BetRivers has really done well in getting a head start on DraftKings and FanDuel, but holding off the two largest sportsbooks operators in the country is all but impossible.
That said, with a bevy of new competitors set to launch in the coming months, the landscape should significantly change behind the state’s three biggest operators.”
Without a doubt, the state dubbed the Land of Lincoln is making huge strides within the betting industry and it is fast becoming one of the biggest gambling markets in the entire United States, despite other regions being much more established.
Suspending the in-person registration has resulted in a surge in new bettors becoming involved in online and mobile betting and the state has experienced figures that other regions such as Pennsylvania and New Jersey took 23 months and 16 months to reach respectively.
Online sportsbook operators in Illinois totalled more than $40 million in gross revenue, according to the analytical firm, and more than $6 million was raised in state taxes, attributed to a busy schedule of sporting events, including NFL, NBA and MLB World Series.
Jessica Welman also of PlayIllinois added:
“Illinois is exploding at a pace we’ve never seen before, putting it on track to join the largest markets in the country by year’s end.
This wouldn’t have been possible if lawmakers’ original intentions were met. If Gov. J.B. Pritzker hadn’t suspended the in-person registration mandate, as was originally required, there is no way Illinois could have reached these heights so soon.
In every regulated market, when local teams do well a corresponding uptick in betting is expected, so it’s not a surprise to see that in Illinois.
That said, the weeks since October haven’t been as kind for the Bears. But that early interest has been baked in, so it shouldn’t get in the way of overall market growth.”