Illinois Betting Industry Moving Forward On 2022
The gambling industry in Illinois is taking off like a rocket, bringing record profits and new business into the state. Casinos are making deals to expand their operation, and one platform is making big plans to open a new facility in St Louis. As the state of IL goes deeper into 2022, sports betting is on track to keep growing.
A recent big win for IL was Super Bowl 2022. Those who bet on the big game in IL wagered around $61 million on the big game, and the state itself took home about $1.4 million in taxes. A lot of this success comes down to the variety of bets placed on the game. Aside from points and the winner of the trophy, one bet was on what color of Gatorade would be dumped on the winning team’s coach. Sources report that the betting companies earned $9.5 million, which is where the state’s $1.4 million tax revenue comes from. In 2021, the betting platforms got $7.7 million and the state took $1.1 million in taxes.
IL has had legal sports betting for two Super Bowls now, and these reported numbers show a 33% increase in betting amounts placed on the event. The legalization of sports betting in IL has drawn a growing number of people to the hobby, and the wide availability of sportsbooks apps helps new users get started quickly and easily. This makes it so much simpler to get into sports betting without needing to travel to the casinos.
In a sign of how much sports betting has expanded in the state of IL, DraftKings is finalizing plans to establish a retail sportsbook center in the Casino Queen of East St. Louis. The facility will have rows of televisions and several food stations. There will also be a VIP area for members and a huge video wall. Online sports betting is widely available for those who don’t want to drive to such facilities. Caesars Sportsbook Illinois offers similar odds to what you’ll see in casinos, but from the convenience of your smartphone. You can also use Caesars promo codes to score a nice welcome deal when you first sign up. Most new users take advantage of these deals to get a head start on their gambling hobby.
Sports betting in the United States is seeing renewed interest thanks to a 2018 Supreme Court decision to repeal PAPSA. PAPSA was a law that prohibited gambling except in tribal casinos and Las Vegas. The Supreme Court’s repeal of PAPSA created an opening for states to make their own laws for online gambling and sports betting. The response from several states, including IL, was to enact measures to legalize sports betting and online gambling. IL was part of a large wave that legalized sports betting in 2021.
The results were profitable right away: see the revenue reports above. Additional millions are brought in every month through sports betting and online casinos. One of the effects of sports betting is that it allows states like IL to have a large, reliable income stream that matches that of larger coastal states. The monthly revenue from sports betting in states like IL sometimes rivals that of Atlantic City.
Online gambling is proving to be a very profitable industry no matter the politics or climate of the state. People want to bet on sports, and it’s as simple as that. This allows any state to become industrious with new business, which is a much-needed economic boost considering recent events. With how successful sports betting has been in IL, expect to see more expansions in the near future.