Increase in Sports Betting Numbers in August for Illinois
The summer months are when the sports betting industry experiences a setback in the revenue margins. For example, the NBA season comes to an end and the MLB season begins. Most fans and bettors across the country are waiting for the start of the NFL and college football as these games generate the most viewership.
Illinois’ Sportsbooks See an Increase in the Number of Bets Placed in August
The state of Illinois had a good month of August when it came to sports betting. Sportsbooks across the state were witnessing unusual activity and a sudden increase in the numbers compared to July. According to PlayIllinois.com., the boost in volume in the number of wagers placed was up by 8.5%, which could signify that the fall will be a busy one for the state.
For the operators, companies, and investors holding a stake in numerous stocks that are involved with the gambling industry. This is a crucial time period as holidays and earning report season. The month of August could be a key turning point as there was a $400 million boost in the number of bets placed.
Companies across the industry always want the month of August to be a good month as it sets the tone to what the industry as a whole can expect. If the numbers are not up to par, executives and other members within the organization would have to come up with new plans and marketing strategies.
It doesn’t seem like that will be an issue for Illinois had a successful month of August. Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIllinois.com, stated,” Interest in baseball, particularly the White Sox, coupled with the return of football in August set the stage for what will certainly be the busiest four-month stretch ever for Illinois’ legal sports betting industry…After summer, any gain is welcome…But the gains in August should pale in comparison to what we see with a full football schedule.”
What to Expect for This Upcoming Four Month Span
Summer is usually a tough month as tennis and soccer do not attract as the other mainstream sports do. Baseball generated $139.6 million in terms of betting tickets as the White Sox pretty much solidified the lead in the division at the time.
To put it lightly, many sportsbooks and operators know the struggles of getting through those months especially the first half of the summer months in terms of comparing the revenues of other quarters within a one-year span.
Illinois’ retail and online sportsbooks accepted roughly around $400.4 million compared to the month of July that came out to be around $369.1 million. In a year-to-date chart the numbers, August 2021’s numbers are up by 185.8%.
The per-day numbers have also signaled that the fall months will generate solid revenue as the average betting volume in 31 days has gone up by $12.9 million. In August 2020, the per-day number was only at $4.5 million.
During August, bettors like to place futures bets in both NFL and college football. Customers have the opportunity to bet on the select few college and preseason NFL action. These tickets brought $17.2 million in wagering.
The volume in August pushed $4 million to the state, making the gross gaming revenue for the year $326.3 million. The projected numbers this season for the number of wagers placed will most likely surpass $20 billion which may give the state $500 million in gross revenue. Placing bets through a platform online accounted for 95 percent of the bets for Illinois in August.