Sports activities betting in Illinois: rising, however not a fix-all

It was a gradual begin for one in all Illinois’ latest income sources. However sports activities betting continues to collect momentum.

“I’m very blissful that we’ve got extra cash, that that is on the constructive aspect of the equation,” mentioned Illinois State Comptroller Susana Mendoza. “Nevertheless it’s not something that I take a look at as one thing we might construct or forecast our invoice fee cycle on.”

Mendoza mentioned tax cash raised from sports activities betting – greater than $140 million whole since March 2020 – is devoted to infrastructure restore and alternative across the state.

Here is the breakdown:

Sports activities betting had simply grow to be authorized in Illinois on March 9, 2020 when the state’s first authorized wager was positioned in particular person at Rivers On line casino in Des Plaines.

COVID-19 compelled important adjustments and canceled tournaments plus complete seasons. Nonetheless, between March and June 30, 2020, avid gamers positioned roughly $9 million in bets throughout 192,000 separate wagers.

The state earned round $400,000 off these bets.

As COVID restrictions eased in Fiscal 12 months 2021, extra casinos and racetracks added in-person betting choices and on-line wagering started. Revenues elevated dramatically that 12 months with most sports activities attempting to renew regular schedules, COVID-related postponements or athlete quarantines however.

Fiscal 12 months 2021 noticed bettors place $5.1 billion in wagers over 147 million totally different transactions. The state generated $380 million in gross income and $57 million went into state coffers.

The pattern continued in FY ‘22, with 60 % extra income over the earlier 12 months: $8.5 billion in bets positioned over 227 million wagers, producing $610 million in gross income and $92 million for the state.

The state’s Fee on Authorities Forecasting and Accountability, or COGFA, appears bullish on the way forward for sports activities wagering. It notes there are licenses nonetheless to be issued and new income streams nonetheless coming into focus, like sportsbooks at main venues.

That was allowed beginning in December of 2021. A spokesperson says DraftKings is anticipated to open at Wrigley Discipline early within the 2023 season.