March Madness means $400 million in bets from Illinoisans

Illinoisans will wager roughly $400M during March Madness based on last year’s numbers. Sportsbooks in Illinois will also be paying a higher tax than ever before.

March Madness means Illinoisans will wager roughly $400 million based on last year’s tournament, with the state government getting a cut of the winnings.

Illinoisans bet $394 million on college sports during March last year, with 5.7 million bets in total, according to the Illinois Gaming Board. That means the average day in March had nearly 184,000 wagers on college sports.

If this year is even marginally above 2024, it means Illinoisans will make more than $400 million in wagers. This is the first March Madness under the state’s new sportsbook tax structure, so there’s no telling how much money the month could bring in.

Previously sportsbooks paid a flat 15% tax on their earnings. Now they pay on a progressive structure ranging from 20% to 40%.

The state government is banking on people making more bets. Whether it’s the bettor or the sportsbook that wins, the state gets a cut. Sports betting now brings in more than $150 million a year for the state government.

It’s partially why March is also problem gambling awareness month. A 2021 study from the Illinois Department of Public Health estimates more than 1.1 million Illinoisans has or is at risk of problem gambling behavior. It’s an Illinois-specific issue because the state is the second-largest sports betting market.