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PlayIllinois.com: Sportsbooks post huge month, but March could be ‘last hurrah’ for major growth
Illinois sportsbooks set records for betting and revenue in March, easily reaching $600 million in monthly wagering for the first time and again surpassing Pennsylvania, a dramatic turn one year after the industry’s launch was spoiled by the pandemic-related shutdown of major U.S. sports. But as far as Illinois has come, the state’s newfound position as the nation’s No. 3 market could be short-lived as in-person registration requirements begin to take hold, said PlayIllinois, which analyzes and researches the state’s regulated online gaming and sports betting market.
“March Madness helped deliver a huge month for Illinois, but March is essentially a ‘last hurrah’ for the state’s rapid growth,” said Joe Boozell, analyst for PlayIllinois.com. “Illinois will still be one of the largest U.S. markets because of the population of the state, but it will be difficult to maintain its current status as the U.S. No. 3, much less catch Nevada. No matter how appealing a market, there isn’t any easy way to overcome the inconvenience of in-person registration.”
Spurred by March Madness, betting at Illinois’s retail and online sportsbooks surged to $633.6 million in March, according to official data released Monday. That is up 24.3% from $509.8 million in February and easily topped the previous record $581.6 million in January. Bettors placed $20.4 million per day in the 31 days of March, up from $18.2 million per day in February.
March’s high volume produced $49.9 million in operator revenue, up 64.6% from $30.3 million in February and narrowly topping the record $49.4 million in January. The month’s win created $44.3 million in taxable revenue, which yielded $6.6 million in state taxes and another $493,543 in local taxes.
Illinois surpassed Pennsylvania ($560.3 million) in monthly handle for the second straight month and gained ground on New Jersey ($859.6 million) and Nevada ($641 million). In doing so, the state surpassed $3 billion ($3.6 billion) in lifetime handle.
That stands in stark contrast to March 2020, when Illinois launched retail sportsbooks, taking in $997,739 in bets before a wave of sports cancellations essentially put a hold on sports betting in Illinois until July.
“The growth over the last year has been staggering, making Illinois the quickest to $3 billion in U.S. history,” said Jessica Welman, analyst for PlayIllinois. “The question now becomes what will happen when the brakes are hit on that growth? Does it alarm lawmakers enough to make a change? Or will Illinois be satisfied with where the sports betting market has been frozen in place?”
The NCAA Tournament was the main driver in March, generating an estimated $176.8 million in bets even as bettors were barred from wagering on Illinois and Loyola Chicago. The NBA also drew well, helping to push basketball betting to $365.7 million. The previous high for basketball in a month was $256.7 million.
Tennis also continues to do especially well in Illinois, hitting $47.2 million in wagering, the second-most wagered-on sport.
“Illinois has grown in some unique ways, but the state’s love of basketball has really carried the state over the last few months,” Boozell said. “If the ban on betting on in-state college teams didn’t exist, Illinois would have likely been the No. 2 market in the U.S. in March.”
Online wagering accounted for 96.1%, or $609 million, of all bets in March. Retail betting generated the remaining $24.6 million.
DraftKings/Casino Queen represented 32.2% of the state’s entire handle in March, generating $207.6 million in online and retail wagers, up from the operator’s $199.8 million handle in February. Nearly $203.9 million of March’s bets came online.
FanDuel/Fairmont attracted $195.2 million in bets — $194.9 million of which came online. BetRivers/Rivers Casino continued to lose pace with the market leaders, generating $95.7 million in online betting and $106.9 million overall, up from $86.9 million in February.
The leaders were followed by:
PointsBet/Hawthorne Race Course ($55 million in wagers, including $53.6 million online; $5.1 million in revenue)
Barstool/Hollywood Casinos ($48.9 million in wagers, including $47.8 million online; $1.1 million in revenue)
William Hill/Grand Victoria ($14.2 million in wagers, including $13.3 million online; -$270,456 in revenue)
Argosy ($4.1 million in wagers; $410,477 in revenue)
Hollywood Joliet ($1.2 million in wagers; $127,344 in revenue)
Par-A-Dice ($628,286 in wagers; -$163,180 in revenue)
“One of the biggest issues with the return of in-person registration is it puts newly launched operators at a permanent disadvantage,” Welman said. “In one way, Barstool was fortunate to launch when it did, helping them build a foundation. But growth will be difficult for all operators, and especially those that are farther away from the largest population centers.”
For more information and analysis on regulated sports betting in Illinois, visit PlayIllinois.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayIndiana.com, PlayIllinois.com, PlayNJ.com and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliation to any casino — commercial, tribal, online, or otherwise.
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Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has entered into a new financing agreement with the Bank of Montreal (BMO), a leading North American financial institution, pursuant to which BMO has made available to the Company certain credit facilities in a maximum aggregate amount of up to US$6.0 million to support its ongoing working capital and general corporate requirements (the BMO Facilities).
In connection with the closing of the BMO Facilities, Bragg has successfully repaid in full the outstanding promissory note with entities controlled by Doug Fallon (the Prior Note Indebtedness). The new BMO Facilities replace the Prior Note Indebtedness, signalling a significant step in the Company’s financial strategy to partner with a major commercial bank to support its growth.
“We are very pleased to establish this new relationship with the Bank of Montreal, a recognized leader in financial services. This new credit facility strengthens our balance sheet and provides us with a flexible capital structure to execute our strategic plan. The ability to secure financing from a major North American bank underscores the confidence in our business and our long-term growth prospects. We look forward to a long and successful partnership with BMO,” said Robbie Bressler, CFO of Bragg Gaming Group.
The BMO Facilities are secured by, amongst other things, a first-ranking security interest over all of the assets of the Company and certain of its key operating subsidiaries, and are uncommitted and are repayable upon the earlier of (i) demand by BMO, (ii) the occurrence of certain insolvency events, and (iii) on the one-year anniversary of the closing date, unless a one-year extension is granted at BMO’s discretion.
The agreement includes customary legal and financial covenants, including a requirement for the Company to maintain a Total Funded Debt to EBITDA ratio not exceeding 2.50:1.00, and a Fixed Charge Coverage Ratio of not less than 1.25:1.00. These financial covenants are to be tested on a consolidated basis at the end of each fiscal quarter.
The Company currently expects to draw on the BMO Facilities in Canadian dollars, which would result in estimated borrowing costs of 6.9%–7.9% for Prime-based loans or 5.9%–6.9% for CORRA-based loans, depending on the period of the draw and the Company’s leverage ratio. Standby fees on the unused portion of the revolving facility will range from 0.75% to 1.75% per annum, depending on leverage.
Management believes that based on the terms of the BMO Facilities, the Company’s borrowing costs on an annualized basis will be less than half of its Prior Note Debt.
Matevž Mazij, CEO of Bragg Gaming Group, said: “Securing this BMO facility represents a critical milestone in our strategic plan to strengthen Bragg’s financial foundation and accelerate value creation for our shareholders. With our cybersecurity incident contained and our borrowing costs cut by more than half, we are laser-focused on executing our strategic shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation. We’ve already realized EUR 2 million in annualized synergies and are on track to achieve our 20% Adjusted EBITDA margin target for the second half of 2025.
“Our recent leadership additions in AI and innovation, combined with our expanding partnerships with operators like Fanatics and Hard Rock Digital, position us to pursue highly accretive growth opportunities methodically. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth.
“We understand the importance of delivering results for our shareholders, and our board and management team are fully aligned and committed to executing the strategic initiatives that will drive value. With improved financial flexibility, a strengthened operational foundation, and clear milestones ahead, we believe we have the right strategy and team in place to unlock Bragg’s full potential. We remain committed to maximizing shareholder value as we build sustainable, profitable growth and ensure our strong operational performance translates into appropriate market valuation.”
Cyber Breach Update
The Company has also provided an update on its previously announced cybersecurity incident initially detected on August 16, 2025.
Immediately following detection, Bragg took appropriate steps to mitigate any potential impact of the breach. With the assistance of independent cybersecurity experts, the Company has followed industry best practices and considers that the incident is now resolved.
There continues to be no indication that any personal information was affected and the breach has had no impact on the ability of the Company to continue its operations. Bragg has also provided assurances to its customers regarding the security of its game titles. The Company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the Company.
The Company has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses.
The post Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal appeared first on European Gaming Industry News.
Independent slots studio Thunderkick has agreed a deal with Ontario-based operator Betty to supply the rapidly growing online casino with a diverse collection of globally popular titles.
Betty, an official partner of sporting franchises Toronto Maple Leafs and Toronto Raptors, has risen to prominence since its 2022 establishment, when it was built following the consultation of 300 casino players to create the optimal iGaming environment.
Distinguishing itself from North American competitors by catering specifically to slot enthusiasts rather than sports bettors, the operator has curated a portfolio of 2,800 games, hand-picked to deliver customers maximum entertainment value.
Thunderkick’s content is the latest to be integrated into Betty’s online casino, and the agreement will see a selection of its most popular titles, including The Wildos 2, Midas Golden Touch 3, and Esqueleto Explosivo 3, made available to a greater number of Ontarian players.
Thunderkick marked its debut in the Canadian province in Q2 of 2024, and has since partnered with a network of leading operators to improve its market position. The collaboration with Betty will further amplify its visibility in a key jurisdiction as the provider looks to reinforce its reputation as a global slot developer.
Svante Sahlström, CCO at Thunderkick, said: “It’s our mission at Thunderkick to go deeper, not wider, in 2025. That means forging meaningful, lasting relationships in target markets as opposed to securing as many commercial deals as possible.
“Since entering Ontario over 12 months ago, we have worked tirelessly to enhance our presence in the province, and working with leading brands such as Betty allows us to bring our unique games to a deeper pool of Canadian players.”
Paraskeva Smirnova, Casino Operations Manager at Betty, added: “Betty’s USP has always been our drive to build a slot portfolio with the very best titles from the industry’s most creative suppliers.
“Thunderkick’s passion for slot development is there for all to see, and the introduction of its games to our casino further elevates the consumer experience.”
The post Thunderkick commits to growth in Ontario with Betty partnership appeared first on Gaming and Gambling Industry in the Americas.
BCLC is pleased to announce the return of the New Horizons in Safer Gambling Conference, taking place November 2–4, 2026, at the JW Marriott Parq Vancouver.
This global event brings leading voices in research, policy and industry together to explore innovative approaches to safer gambling. Attendees can expect two days of forward-thinking dialogue, evidence-based insights and collaborative solutions to help shape the future of player health.
Sponsorship Opportunities Now Available
New to the 2026 conference, BCLC is excited to offer sponsorship opportunities to organizations that share BCLC’s passion for safer gambling. Benefits of sponsoring New Horizons 2026 include industry visibility, leadership recognition and meaningful engagement with a global audience. To learn more about sponsorship, please e-mail [email protected].
Registration and program details will be released later this fall.
The post Save the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026 appeared first on Gaming and Gambling Industry in the Americas.
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