Illinois’ now former single-month record for dollars bet on sporting events using the state’s licensed sportsbooks lasted about as long as the Chicago Bears’ NFC North title hopes this season. After bettors set a new mark in that category in September, they proved they were just warming up.
The amount of money gambled at legal sportsbooks in Illinois in October is now the new record, even if it is barely so. There is even better news for sportsbooks and the state in the numbers from October, though.
Illinois bettors, sportsbooks mint new records in October
Illinois bettors have never been busier over a month than they were in October 2023. The betting total for Illinois for the month ranked third nationally among states with legal sports betting.
Only New Jersey and New York saw higher betting amounts during the month.
While bettors were busy, sportsbooks weren’t necessarily just watching the money come and go. The amount of revenue they collected during October 2023 represents a new single-month record for Illinois’ legal sports betting industry as well.
As a result, October 2023’s tax haul also represents a new single-month record for Illinois in terms of sports wagering. As you would imagine, October’s numbers also put Illinois’ sports betting industry on pace for what could be a record fiscal year.
Assessing Illinois’ sports betting growth
A year-over-year comparison of October’s numbers demonstrates the expanded reach of legal sportsbooks in the state. For example, the amount of money wagered was up 11.3% compared to October 2022.
Additionally, the percentage of that money that sportsbooks won in October 2023, 9.7%, was up marginally from the same month in 2022. That dollar total for October 2023 represented an 18.8% increase from the same figure in October 2022. Furthermore, October 2023’s tax sum represented a 10% uptick.
Comparing the first four months of the current fiscal year with the same period in FY2022-23 presents a similar narrative. While the percentage of that money that sportsbooks won in the first four months of FY2022-23 is marginally down, every other comparison is quite favorable for the current period.
The amount of money bet is up 16.6% while revenue has increased 10.4%. If those trends hold, the final totals for the current fiscal year could put Illinois ahead of other states’ sports betting sums for the period with perhaps the exception of New York.
While the state is still calculating returns for November, October’s numbers now stand as the new records for sports wagering activity. Those records might not last any longer than their predecessors.