Illinois Hits Record Sports Betting Handle in October as Revenue Dips
Illinois’ sports betting market reached new heights in October, with players wagering a record-breaking $1.45 billion. That’s a 24.5% jump compared to last year and a 10% increase from September. Online platforms dominated, contributing $1.41 billion to the total handle, while retail sportsbooks brought in $36.7 million.
Despite the impressive handle, operator revenues told a different story. Earnings dropped 27.8% year-over-year to $81.4 million, thanks in part to NFL favorites performing well and covering spreads throughout the month. The hold rate—the percentage of wagers kept as revenue—was just 5.6%, one of the lowest in Illinois history.
Big Betting, Low Returns
While the betting volume was impressive, operators struggled to translate it into profits. Football betting, which includes NFL and college games, brought in $431.1 million in wagers but only managed a slim 2.8% hold rate.
Parlay bets, which usually provide a big revenue boost, also took a hit. The hold rate on parlays dropped from 23.8% in September to just 8.6% in October, underscoring how tough the month was for operators.
Winners Among Operators
Illinois’ top sportsbooks had mixed results:
- DraftKings led in total handle with $507.7 million in bets but generated $23.1 million in revenue.
- FanDuel secured the highest revenue at $33.9 million on a $478.2 million handle.
- Fanatics Sportsbook posted a $103.7 million handle and earned $8.2 million in revenue.
- BetRivers processed $76.8 million in bets and reported $4.9 million in revenue.
- BetMGM handled $72.8 million but only brought in $2.2 million.
- ESPN BET edged out Caesars, generating $3.9 million in revenue on $68 million in bets.
- Circa Sports reported the sharpest loss, with a $104,000 deficit on an $11.3 million handle.
While FanDuel and Fanatics managed to hold onto a 7% hold rate, five of nine online sportsbooks reported rates below 5%.
While operators had a tough month, Illinois’ coffers still saw a boost. The state collected $24.5 million in sports betting taxes, thanks to the record handle.
Bet365 Secures Illinois License
In December, Illinois’ sports betting market expanded further with the addition of Bet365, one of the world’s leading sportsbooks. The Illinois Gaming Board (IGB) recently granted the UK-based operator a license to offer both online and retail sports betting. Bet365 will partner with Walker’s Bluff Casino Resort to bring its platform to the state.
Although Bet365 hasn’t launched operations yet, its entry is expected to intensify competition in the Illinois market, which is already home to major players like DraftKings, FanDuel, and BetMGM
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