Illinois Sports Betting Revenue and Handle for April Show Continued Strength
In April, the Illinois Gaming Board reported a sports betting revenue of almost $92 million, with the handle surpassing $1 billion for the eighth month in a row.
Year-over-Year and Month-over-Month Comparisons
Operator winnings in April were up 2.7% from the previous year, despite a 22.8% increase in handle to $1.1 billion.
The win rate for operators was 8.3% this year compared to just under 10% last year. Although the handle dipped 12.7% from March’s $1.26 billion, and revenue was 7.5% lower, the figures for April remain robust.
Illinois became the fourth state, along with New Jersey, New York, and Nevada, to surpass $35 billion in handle in the post-PASPA era. April marked the 13th time Illinois reached $1 billion in monthly wagers, trailing only New York (26) and New Jersey (19) in this achievement.
With figures from Kentucky and Arizona still pending, it is likely that Illinois will rank second nationally for April, surpassing New Jersey for the first time this year.
Tax Revenue and Future Tax Changes
The state collected $13.8 million in taxes from sports betting in April, bringing the year-to-date total to $61.5 million. This is $8.9 million ahead of last year’s pace. However, the current 15% tax rate for licensees will only be in effect until June.
Starting July 1, Illinois will implement a progressive tax system for sports betting operators, with rates starting at 20% and reaching up to 40% for those generating over $200 million in revenue in a fiscal year.
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