It has been a gradual begin for one in all Illinois’ latest income streams. However sports activities betting continues to achieve momentum.
“I am very comfortable that now we have further cash, that that is on the optimistic facet of the equation,” stated Illinois State Comptroller Susana Mendoza. “However it’s not one thing that I take a look at as one thing that we are able to construct or forecast our bill-paying cycle.”
Mendoza stated tax cash collected from sports activities betting — greater than $140 million in whole as of March 2020 — is being devoted to repairing and changing infrastructure within the state.
This is the breakdown:
Sports activities betting had simply develop into 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 has compelled vital modifications and canceled tournaments plus whole seasons. Nonetheless, between March and June 30, 2020, gamers positioned roughly $9 million in bets on 192,000 separate bets.
The state received about $400,000 from these bets.
As COVID restrictions eased in fiscal 12 months 2021, extra casinos and racetracks added in-person betting choices and began on-line betting. Revenues rose dramatically that 12 months as most sports activities tried to renew regular schedules regardless of COVID-related postponements or athlete quarantines.
In fiscal 12 months 2021, bettors positioned $5.1 billion in bets on 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 income up 60% over the earlier 12 months: $eight.5 billion in bets positioned over 227 million bets, producing $610 million in gross income and $92 million for the state.
The state Fee on Governmental Forecasting and Accountability, or COGFA, appears optimistic about the way forward for sports activities betting. She notes that there are nonetheless licenses to be issued and new income streams are nonetheless coming into focus, similar to sports activities betting in main places.
That was allowed beginning in December 2021. A spokesperson says DraftKings is predicted to open at Wrigley Area by the beginning of the 2023 season.
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