Illinois Super Bowl bets expected to nearly double from 2021

Illinois Super Bowl bets expected to nearly double from 2021

Super Bowl betting will likely be a $1 million-plus revenue stream for a third consecutive year in Illinois. If the wagering projection is correct, the revenue could top $2 million on Sunday.

Super Bowl Sunday has been a $1 million-plus tax payday for Illinois – but might hit $2 million this year.

Total wagers, known as the “handle,” reached more than $60 million for the 2022 Super Bowl, bringing in $1.42 million in tax revenue for one game.

Betting analysts at PlayIllinois estimate Illinoisans will wager more than $85 million on the big game this Sunday. If that estimate is right, the tax revenue could top $2 million this year.

Gamblers have plenty of options, with wagers taken on everything from the opening coin toss to what color Gatorade will be dumped on the winning coach.

The Chicago Bears may have missed the playoffs this year, but they’re hoping to build a new stadium in Arlington Heights in an effort to host the Super Bowl in the future. But first, state lawmakers are pondering giving them a 40-year property tax freeze to help finance their move out of Chicago’s Soldier Field.

Super Bowl revenue goes into the Sports Wagering Fund. Excess funds are transferred to the Capital Projects Fund at the end of each month.

Money for capital projects should exclusively help Illinois’ infrastructure, but $4 billion of the funds earmarked in 2019 for infrastructure was put toward pork projects such as dog parks and pickleball courts – projects that are good for politicians’ campaigns, but do nothing to help drivers find a smoother ride or get where they need to go.

Sports betting in Illinois also comes with a social cost. The Illinois Department of Human Services commissioned a study in March 2022 that found more than 10% of adult Illinoisans, over 1 million residents, have a gambling problem or are at risk of developing one.

The hotline for those dealing with gambling addiction is 1-800-GAMBLER.

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