US Sports Betting Sets New Record
The United States sports betting industry was expected to set a new monthly record in January, and that was finally confirmed this week.
The Illinois Gaming Board released the January sports betting handle total, and it pushed the US total over the $4 billion mark for the first time in history.
The total sports betting handle throughout the country was $4.375 billion, marking the fourth time that the US has gone over $3.2 billion. These numbers are expected to climb even more in the coming months, and the March Madness tournament could provide a huge boost this month.
Michigan online sports betting launched in January, and that state did very well in the 10 days that betting was offered. Virginia also launched near the end of January, giving the US another large sports betting market.
New Jersey sports betting remains the top market in the month of January, even though the state saw a bit of a decrease that month. New Jersey has gone over $900 million a couple of months in a row, and $1 billion is an attainable figure soon.
Nevada’s January sports betting handle was $646 million, which was the second-highest month that state has ever had. Nevada continues to require in-person registration when creating a sports betting account, and it has hurt the monthly totals.
Pennsylvania has been holding onto the third spot in the monthly rankings for quite some time, but it nearly passed up Nevada with a record-setting January. The total sports betting handle in January was just over $615 million, the first time Pennsylvania has gone over that number.
Football was the most popular sport to bet on nationwide in January, but basketball actually brought in the most bets in a handful of states. Basketball, especially at the college level, will be the main focus over the next few weeks.
Illinois Keeps Shattering Records
The top three sports betting markets seem secure at this point in time, but that might not be the case for much longer. Illinois set another new monthly sports betting handle record in January, closing the gap on Pennsylvania.
The Illinois sports betting market is also expected to grow in the coming months as the Barstool Sportsbook is now available in the state. Barstool is one of the newest brands to launch in the US, having already done so in both Pennsylvania and Michigan.
The total sports betting handle in Illinois for January was $581.6 million, nearly eclipsing the previous record by $100 million. Illinois collected nearly $50 million in sports betting revenue for the month, another record for the state.
This was the seventh straight month that Illinois has set a new record for monthly sports betting handle. Illinois launched sports betting on March 9, 2020, just days before live sports shut down due to COVID-19.
Despite having just five online sports betting options in January, mobile betting accounted for more than 99 percent of all of the wagers placed in the state. Governor JB Pritzker has once again extended the mobile registration period to give online sports betting more life.
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