Illinois Hits The $1 Billion Plus Handle Again For Sports Betting In May

The Illinois sports betting market has again surpassed the $1 billion handle milestone for the ninth consecutive month in May.

In May 2024, the state’s total sports betting handle reached $1.02 billion, marking 21.9% increase compared to the $821.7 million recorded in the same period last year. This represents the ninth consecutive month that Illinois has surpassed the $1 billion threshold in sports wagering.

While the May handle figure continued growth, it did experience a slight month-over-month decline of 8.9% from the $1.10 billion recorded in April. This dip, however, does not diminish the overall positive trajectory of the market, as the state remains firmly entrenched in its position as a leading sports betting hub in the United States.

The Illinois sports betting online wagering in May 2024, with $985.7 million, or 96.5% of the total handle, was generated through the state’s eight approved internet operators.

The May figures reveal that professional sports accounted for $1.01 billion, or 99.1%, of the total sports betting handle in Illinois.

While professional sports dominated the betting landscape, Illinois bettors also demonstrated an interest in college sports and motor racing. In May, $3.7 million was wagered on college sports, including $3.6 million online and $62,935 at retail locations. Additionally, a further $1.4 million was wagered on motor racing.

The strong sports betting handle in Illinois translated into a significant revenue boost for the state’s operators. Adjusted gross revenue hit $100.9 million in May 2023, representing a 13.4% increase compared to the same period last year and a 9.7% jump from April.

Within the Illinois sports betting market, FanDuel, partnered with Fairmont Park, emerged as the top performer in terms of adjusted gross revenue, posting $43.0 million in May from a total handle of $340.1 million, translating to a hold of 12.6%. Meanwhile, DraftKings topped the charts in terms of overall handle, processing $386.4 million in May, though its revenue was slightly lower at $30.9 million due to a weaker hold of 8.0%.

While FanDuel and DraftKings dominated the market, other operators also made significant strides in Illinois. BetRivers and Midwest Gaming and Entertainment, for instance, generated $7.6 million in revenue, while Fanatics, in partnership with Hawthorne Race Course, recorded $6.6 million in revenue with a 10.1% hold from $65.5 million wagered.

The Illinois sports betting landscape is not solely defined by the industry giants. Smaller operators, such as ESPN Bet and HC Aurora, managed to capture $4.8 million in revenue, while Caesars and Elgin Riverboat Resort generated $3.6 million, and BetMGM and Par-A-Dice recorded $3.4 million in revenue.

During May 2023, Illinois operators paid $15.1 million under the state’s current 15% levy on adjusted gross revenue. However, a significant change is on the horizon, as Illinois’ new progressive tax rate is set to come into effect on July 1, 2024. This new structure will see market leaders like DraftKings and FanDuel facing a 40% tax burden, while smaller operators will also see their tax obligations increase.