The regulated sports betting industry in Illinois continues to grow. It’s like the state contains the third most populous city in the United States with an obsession with its sports franchises or something.
Sportsbooks in Illinois won more money in July 2023 than they have in that month in any prior year. The numbers for July 2023 also helped Illinois sportsbooks lead most of their counterparts from across the country.
Illinois sportsbooks touch them all in July
According to Crain’s Chicago Business, 2023 will be the 14th consecutive year ticket sales at Guaranteed Rate haven’t been sufficient to trigger a higher revenue share threshold between Illinois and the White Sox. The tax revenue from legal sports betting in Illinois could make up for that, though.
Sportsbooks won more during July 2023 than they have in the same month in any previous year. Regulated sports wagering began in the state in March 2020. Compared to July 2020, July 2023’s revenue total was 92.4% higher.
That disparity has shrunk, but not to an insignificant amount. Win for sportsbooks in July 2023 was still 29.1% more than the same statistic in July 2022. As a result, tax revenue for Illinois also increased by 24.7% compared to July 2022.
Sportsbooks won about 8.9% of the money gambled. That helped them improve their bottom line at a greater rate because the amount of money that Illinoisans wagered increased 15.5% year-over-year for the month.
Despite the improved fortunes of the Chicago Cubs in the current season, baseball betting was down marginally in July. However, that didn’t dim Illinois’ prospects for its national ranking.
Illinois betting proves title contender again
Illinoisans might be second to none in their sporting betting fervor but you could say they are second to one. After June Illinois sports betting numbers placed second nationally that was the case again in July.
Amount of money gambled in July for the top five states:
- New York – $966.5 million
- Illinois – $611.3 million
- New Jersey – $587 million
- Nevada – $408.2 million
- Pennsylvania – $338.4 million
Illinois may be able to close the gap between New York and itself moving forward, too. Illinois bettors will eventually have more options with inevitable launches from Bally Bet, Betway, Circa Sportsbook, and Hard Rock Bet.
Even the status quo makes Illinois arguably the second-best market for legal sports betting in the US, though. Months like July show that it has not yet reached its ceiling.