Illinois Sets New Record in Sports Betting Handle for November 2023

Illinois Leads with Record-Breaking Handle

The Illinois Gaming Board’s recent report revealed a staggering $1.38 billion handle in November, marking the third consecutive month of record-setting figures for the state’s sports betting apps. This 18.5% month-over-month increase and 33.6% year-over-year improvement highlight Illinois’ rapidly expanding sports betting market.

Illinois’ November figures have also made waves on the national scene. The state’s contribution helped push the U.S. legal sports betting industry to surpass a lifetime handle of $300 billion since the Supreme Court’s landmark ruling in 2018. With a national handle of $13.5 billion in November, Illinois played a pivotal role, despite pending reports from Arizona and Kentucky.

FanDuel Illinois: A Notable Performer

FanDuel Illinois emerged as a standout performer, becoming the first Illinois sportsbook to exceed $500 million in monthly bets. Despite an underwhelming 4.5% hold, FanDuel still managed to secure $23.2 million in profits. DraftKings Illinois followed closely with $463.9 million in accepted bets, topping state revenues with $28.1 million thanks to a stronger 6.1% hold.

Revenue Performance in Illinois

Despite the record handle, revenue performance in Illinois was less impressive. The state saw a 35.5% month-over-month drop in adjusted gross revenues, totaling $72.7 million. This decline was attributed to a lower win rate of 5.3% for Illinois sportsbooks. However, the state still collected $10.9 million in taxes for November, contributing to a year-to-date total of $131.1 million in tax revenue.

The successive record-breaking months in sports betting handle indicate a robust and growing market in Illinois. While revenues did not match the upward trajectory of the handle, the overall performance suggests a healthy and competitive environment. Illinois sportsbooks, led by major players like FanDuel and DraftKings, are likely to continue driving growth and innovation in the state’s sports wagering sector.

Objective Commentary: Illinois’ Sports Betting Surge

Illinois’ record-breaking sports betting handle in November is a significant indicator of the state’s burgeoning role in the national sports betting landscape. This achievement not only reflects the maturation of the state’s sports wagering market but also underscores the increasing acceptance and popularity of legal sports betting across the United States.

While revenue figures did not mirror the handle’s growth, the overall upward trend in betting activity is a positive sign for the industry’s future in Illinois. As the market continues to evolve, it will be interesting to see how Illinois adapts and capitalizes on this momentum, particularly in terms of revenue generation and regulatory developments.