Illinois reports $286 million in revenue for NCAA basketball tournaments

The Illinois Gaming Board reported a combined $286.2 million for the NCAA men’s and women’s basketball tournaments, with newcomer BetMGM making a strong entry as the seventh mobile operator in the state.

The figure is significantly higher than 2021, when the IGB released a partial snapshot of figures that included a value of nearly $177 million and revenue of $14.8 million, after accounting for reports that included five of the state’s six mobile operators. in season. While the agency does not release specific revenue and revenue figures for college basketball, stakes on all college sports as of March 2021 totaled nearly $260.4 million.

Punters performed much better against the house this year, capping operators at $14.3 million, resulting in a 5.2% win rate. Illinois taxes adjusted revenue by 15%, giving the state more than $2.1 million from college basketball signature events.

Online betting accounted for nearly 96% of the total, according to monthly overall revenue reports. Remote registration in Illinois started on March 5th, which was also when BetMGM started operations. Despite being released just nine days before the March Madness first four play-in round, BetMGM generated $12.7 million, which was enough to beat Caesars ($10.8 million) for the sixth place.

When Governor JB Pritzker signed the Gaming Expansion Act in June 2019 that legalized sports betting, personal registration was required for a period of 540 days from the issuance of the first licenses. This period began in June 2020, but face-to-face registration was suspended for a significant part of that period by Pritzker executive order during the COVID-19 pandemic.

PointsBet clean in men’s tournament

While PointsBet placed third in the NCAA men’s tournament with $26.2 million, the total revenue of over $5.7 million including its Hawthorne Race Course and its two off-track betting sites pretty much paid off. the back. The track and two OTBs contributed nearly an additional $1 million as the overall win rate was an impressive 21.1%.

FanDuel, linked to the state’s other horse racing track in Collinsville, which was renamed in March 2021, took second place with $69.7 million and generated the most bets on the game among mobile operators, with US$ 25.2 million. The track took in over $2 million in bets as the total amounted to $3 million for a 4.2% retention.

DraftKings was the only mobile operator to exceed $100 million in revenue, surpassing the threshold by just over $700,000. Your retail bookmaker at Casino Queen on East St. Louis, which underwent a $10 million expansion that was recently completed, has accepted more than $2.4 million in bets. Combined revenue of nearly $1.8 million resulted in a paltry 1.7% retention.

Rivers Casino in Des Plaines, the retail network of BetRivers, tracked every physical bookmaker with just over $3 million. Normally a strong third in overall monthly online betting in the state, BetRivers dropped to fourth place with $24.7 million for the men’s tournament, while overall revenue was roughly $35,000 to less than $2 million.

Barstool Sportsbook was the last of five operators to win $20 million online with $21.9 million, but he and Hollywood Casino in Aurora have combined to walk away less than $11,000 ahead in men’s tournaments.

Retail bets on the men’s tournament totaled around $11.6 million across eight locations, with Par-A-Dice Casino numbers not included in the release. The two mobile no-strings-attached retail bookmakers – Argosy Casino in Alton and Hollywood in Joliet – combined to take in nearly $265,000 from $1.6 million wagered, good for a 16.3% retention.

A look at betting on women’s hoops

Specific breakouts for betting on women’s sports in general are rarely published, but the IGB figures showed that punters are willing to bet on both NCAA tournaments. Handle for the women’s edition totaled $7.8 million, with over 97% of that total originating online. In-game bets accounted for 38% of control, with about $3 million in what Illinois labels Level 2 bets being placed.

There were some surprises as two double-digit seeds made it to the regional semifinals. But the Final Four consisted of three No. 1 seeds and one No. 2 seed in eventual champions South Carolina, Louisville, Stanford and Connecticut, all programs well known to fans of women’s college basketball and recognizable to casual followers.

This contributed to punters capping the house at just $143,861 in revenue, with three locations ending up in the red. PointsBet and Hawthorne had the biggest loss as they paid out $39,150 more than the $653,820 in accepted bets. Barstool and Hollywood Aurora finished with $17,765 down from $653,564 wagered, which also made him the only operator to finish with an overall loss when combining the two tournaments.

Hollywood Joliet was the other bookmaker to report a loss on the women’s side, paying $9,968 on $8,071 in bets.

For handling mobile, FanDuel took the DraftKings top honors by just over $11,000 as they were the only two to hit seven figures, with both netting out $2 million. Rivers came closest among the other five, finishing under $50,000 to under $1 million as all seven operators reported at least $595,000.

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