February online betting dominates Illinois as state posts year-over-year growth

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Online betting in Illinois accounted for $652.3 million, or 96%, of all bets in February, with FanDuel and DraftKings remaining in a neck and neck race for market share.

According to PlayIllinois, FanDuel led all operators with $212.5 million in online and retail wagers, including $211.3 million in online wagers. By comparison, DraftKings produced $212.2 million in combined online and retail handles, including $207.8 million in online bets.

The numbers come in a month in which sports betting in the state fell to less than $700 million, the lowest monthly handful since September.

Citing just one NFL game on the list, PlayIllinois said a post-Super Bowl “lull” was to be expected. However, analysts pointed out that the seasonal slowdown “masks” impressive year-over-year gains in the past month of in-person registration requirements.

“The Super Bowl cannot completely replace the betting volume of a full month of NFL football,” said Joe Boozellsenior analyst for PlayIllinois.com.

“Importantly, sports betting continued to show strong year-over-year growth, and that momentum almost certainly accelerated in March, easing registration requirements and the NCAA tournament.”

In February, according to official data, bettors placed $679.4 million in bets on Illinois online and retail sportsbooks, despite $60.5 million in Super Bowl-related bets. Additionally, the February handle was up 33.3% from $509.7 million in the same period last year. However, the handful saw a 21.7% drop from the record high of $867.5 million wagered in January.

Additionally, betting volume reached $24.3 million per day in the 28 days of February, compared to $18.2 million per day in the same month in 2021, but down from $28 million per day. January day.

Sportsbooks earned $35.6 million in gross revenue from February bets, up 14.9% from $30.3 million in February 2021 and down 40% from 59, $3 million in January. The win generated $5.3 million in state and local taxes.

“The greatest concern for sports betting was allayed when baseball announced it would be playing a full schedule,” said Eric Ramsayanalyst for the PlayUSA network.

“For the first time since Illinois launched sports betting amid the pandemic in 2020, sports betting can expect a normal sports schedule. Add to that changing registration requirements and we will finally see the full potential of the market. »

February marked the last month of in-person registration requirements in Illinois, which were waived in early March just before the NCAA Tournament. March earnings will provide a deeper insight into the growth sportsbooks can expect for the rest of the year in a market that is no longer artificially constrained.

“February marked the end of the first chapter of the sports betting market,” Boozell added. “The biggest question coming up is whether Illinois can catch up with New Jersey and Nevada and establish itself as the second-largest sports betting market in the United States, behind New York. We believe that’s a strong possibility.

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