Sportsbook operators across the sports betting industry expected to bounce back in March with the help of March Madness. The Kansas Jayhawks had the biggest 16-point comeback in NCAA men’s basketball history but weren’t the only record-setters as the Illinois March Madness handle also set records.
Taking a Look at Illinois March Madness Handle
According to the Illinois Gaming Board, bettors across the Prairie State wagered a total of $286.2 million on the tournament as the numbers were posted on Tuesday. As the figures show, $278.4 million of the handle came from the men’s side of the tournament, while the $7.8 million came from the women’s side of the tournament.
Breaking down the numbers in percentages, 97.3 percent of the bets was gambled on the men’s side while the remaining 2.7 percent was wagered on the women’s side. Mobile sports betting made up the majority of the handle as $274.4 million was accepted on online sportsbook platforms, which translated to 95.9 percent.
Live in-game betting also made a decent percentage of the handle as it accounted for 25.1 percent or $71.9 million. The overall March Madness handle was up 61.9 percent from last year’s tournament, which saw $176.8 million.
Bookmakers combined to have a win hold percentage of five percent for March Madness as the hold was much better compared to the Super Bowl. Joe Boozell, who is a lead analyst for PlayIllinois.com, stated;
“Normally in Illinois, we see that number closer to 10%. …It means that the sportsbooks didn’t do as well against the public during March Madness as they usually do.”
Sportsbook operators combined to bring in $14.3 million in revenue, which is slightly lower than the total in last year’s tournament, which brought in $14.6 million. Still, the state was able to collect $2.1 million in taxes.
Illinois Odd Rules in Regards to Betting on In-state College Teams
Bettors across the state could enjoy betting on other collegiate programs throughout the country without any issues. There was an uphill battle between lawmakers and college athletic directors in the state in regards to wagering on student-athletes.
There were a lot of concerns in regards to student-athletes across the state that stems from playing and performance in the classroom. Many athletic directors believed that allowing fans to place wagers on in-state games would cause a number of issues.
The result was bettors can only place wagers on in-state teams at retail sports betting locations. The Illinois Fighting Illini and Chicago Loyola Ramblers were the in-state programs that made it to the tournament, but officials say that they didn’t track the handle of those two teams.
However, the amount of money that was placed in retail casinos came out to approximately $11.8 million.
Will Remote Registration Have Any Effect on the Monthly Handles Moving Forward
Before in-person registration ended on March 5th this year, remote registration only took place during a point during the height of the pandemic to reduce the number of people in the gaming facilities. When in-person was reinstated, many people who weren’t near casinos and the gaming facilities that offered a certain sportsbook had a tough time placing wagers.
Still, bettors across Illinois have made the Prairie State a prominent market in the industry as the state has surpassed the $10 billion mark since its launch in March 2020. Remote registration could have a big effect on the future monthly and major event handles moving forward.
It could also balance out the market share handles and percentages amongst the competitors. Illinois is one of the states with a high barrier of entry for sportsbook operators.
In last year’s March Madness tournament, DraftKings, FanDuel, and BetRivers combined to have a total market share of 81.2% of the mobile handle. This year, PointsBet secured the third position, and the top three, which also included DraftKings and FanDuel, made up 73 percent.
BetMGM also entered the market when in-person registration ended on March 5th. Caesars also launched a new and improved platform shortly after.