spot_imgspot_img

Industry analyst explains decline in Illinois sports betting revenues

(The Center Square) – Illinois sports betting revenue took a hit in June, falling more than 40% from the month before.

According to the Illinois Gaming Board, operators took in over $665 million in handle for the 30 days in June.

Analyst David Briggs from PlayIllinois.com said although the numbers were down, they were actually higher than the same time last year.

“Illinois was way up over June from 2022, up 41% in revenue, up 15% in handle, up 45% in taxes,” Briggs said.

Sports betting produced nearly $9 million in tax revenue in June.

Briggs said the drop in sports betting handle can be attributed to the fact that there are more sporting events in the month of May.

“You still had the NBA playoffs, the NHL playoffs, and some other sports still kicking that would have drawn some of the betting interest but once you get into June, July and August, you’re looking at baseball, a little bit of golf and not a lot else,” Briggs said.

Illinois finished behind only New York in the amount of money wagered by sports bettors in June.

The top three online sports betting operators were DraftKings, FanDuel and BetRivers. Two more outlets, Circa Sportsbook and Hard Rock Bet are expected to launch in September, just in time for the NFL season.

Since its inception in March 2020, Illinois sports bettors have wagered nearly $24.1 billion. As a result, the state of Illinois has taken in $312.2 million in tax revenue.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...

California goods inflation down, wages up, fueling possible housing bubble

(The Center Square) - According to new reports from...

Census: Arizona remains a top destination for moving Americans

(The Center Square)— New estimates from the U.S. Census...

Ohio school district adopts controversial ‘Grading for Equity’ policies

A school district outside Cleveland, Ohio, will have staff...

More like this
Related

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...