Sports betting company IGB hints at a significant increase in March bets due to the NCAA tournament.
In the heart of March Madness, Illinois is poised to make history as the fifth state to surpass $3 billion in sports betting handle, following Nevada, New Jersey, Pennsylvania, and Indiana. This milestone will be announced with the release of the March report.
The surge in sports betting in Illinois can be attributed to a combination of factors, including the removal of the college carveout, which is currently being proposed in a bill on the House side of the Illinois General Assembly. The bill aims to amend the Sports Wagering Act, with Representative Dave Vella leading the charge.
During the NCAA tournament, Illinois sportsbooks accepted approximately $176.8 million in wagers. However, one operator has yet to provide its totals for the tournament, which could potentially push the total wagers beyond $200 million.
The tournament's high stakes were evident in the reported revenue of $14.6 million. Notably, Illinois launched in March 2020 and was shuttered for two-plus months due to the first wave of the COVID-19 pandemic. Despite this setback, Illinois has quickly become a top national player in sports betting.
In February, Illinois totaled nearly $510 million in sports bets, marking the first time it cracked the top three in monthly handle on a national basis. The launch of Barstool Sportsbook on the mobile side in Illinois just prior to the start of the NCAA tournament is expected to contribute to a potential increase in total wagers.
However, Illinois sports bettors were not able to wager on four games during the NCAA tournament due to the in-state carveout, which prevents wagers on in-state college teams. This rule was in effect for the much-anticipated matchup between Illinois and Loyola of Chicago, with the eighth-seeded Loyola of Chicago throwing brackets everywhere into chaos by defeating top-seeded Illinois.
Despite the early exit of Loyola of Chicago in the next round, Illinois is expected to receive nearly $2.2 million in tax receipts based on the reported revenue. Meanwhile, Pennsylvania had a sizable rebound in March, with a handle of nearly $560 million, the second-highest total since launching operations in November 2018.
If the proposed bill to remove the college carveout passes, betting on college sports could be available for the start of college football in the fall in Illinois, marking a significant shift in the state's sports betting landscape.
Read also:
- United States tariffs pose a threat to India, necessitating the recruitment of adept negotiators or strategists, similar to those who had influenced Trump's decisions.
- Weekly happenings in the German Federal Parliament (Bundestag)
- Southwest region's most popular posts, accompanied by an inquiry:
- Discussion between Putin and Trump in Alaska could potentially overshadow Ukraine's concerns
