The Casino Market’s Profit Margin Declines $200 Million in Illinois in the 2022 FYE

The Illinois sports betting market has posted a couple of $1 billion handles and will most likely regain that status once the March report is released by the Illinois Gaming Board. However, the casino market notably struggled in 2022, according to the data that was presented.

Did the Tables Turn for the Prairie State?

Before the sports betting market even launched, the casino markets were one of the primary contributors to the state’s economy. For a decent stretch, potential bettors had to sign up for sportsbooks at the casinos where the bookmaker had a location and a partnership within the facilities.

From 2012 to 2022, the industry saw a massive $200 million decline in its numbers. One of the primary reasons for the decline is the emergence of more types of gambling. In 2012, Illinois residents were unable to enjoy various types of gambling due to a lack of access.

The availability of video terminals has been quite appealing in many states, as states like Missouri are pushing it during its session. In 2019, video terminals accumulated $395 million and $762 million in 2022. Similar to Ohio, consumers can play video poker at bars and restaurants that serve alcohol.

With sports gambling gaining immense popularity, many of the states that neighbor Illinois have also joined the industry. Now, many bettors don’t have to cross state lines because they offer both digital and retail alternatives within their respective borders.

The Casino Market Still is a Key Contributor to the Economy

This summer, Bally’s casino at Medinah Temple is awaiting official approval to be opened as a permanent Bally’s casino in River West. Based on the profitability of the business, Bally could generate up to $200 million for the city.

What’s more, casino taxes are insignificant in comparison to the city’s $48 billion in unfunded pension debt. Still, according to Mayor-elect Brandon Johnson, Chicago may be able to include video gaming income. However, this would require the city to legalize video gambling machines officially.

In the grand scheme of things, the gaming industry has been a key addition to the overall economy. In the fiscal year of 2022, the Prairie State nearly eclipsed the $1.9 billion benchmark, which marks a 39 percent increase from 2021 (also an all-time high for the market).

However, when comparing all forms of gaming the state offers, the jurisdiction collected the most from the lottery, which accounted for $833 million or 44.2 percent of the total. Video gaming is a close second, with $762 million generated in fiscal 2022. Furthermore, sports betting ($142 million), riverboat casinos ($140 million), and horse racing ($7 million) generated smaller amounts.

Hard Rock Casino Rockford is Adding to Its Selection

In addition to more than 600 slot machines, Hard Rock Casino Rockford: An Opening Act now offers live table games. In order for this operation to begin, dealers needed to be trained, and once that had been done, permission would be granted by the Illinois Gaming Board.

These are the types of games that were added to the arsenal. The list includes one Ultimate Texas Hold ‘Em table, one Three-Card Poker table, and four blackjack tables.

When the location finally opens its doors to the public, the people visiting the venue will be welcomed to the following. The gaming facility will feature 1,000 slot machines, dozens of table games, a retail sportsbook, a Hard Rock Cafe, and other restaurants will be available, an 1,800-seat entertainment venue, and a hotel to complete one’s experience.

Last Updated on by Ryan

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