Illinois Sports Betting Skyrockets with $878M Handle in August
In August, Illinois sportsbooks saw a substantial boost in their traditional sports betting handle, reaching nearly $878 million—a 30% increase compared to August 2023 and a 13.5% rise from July.
Revenue Trends Amid Growing Market
Illinois sportsbooks generated $59.2 million in adjusted gross revenue for August, representing a 26.1% year-over-year increase.
However, revenue dropped 17% from July due to a lower hold rate of 6.7%. Despite this decline, state tax collections saw a smaller decrease of 4.3%, amounting to $13.6 million.
The state’s progressive tax rates, which range from 20% to 40% and were implemented in July, helped soften the impact of the revenue dip.
Hard Rock Bet Makes a Strong Debut
Hard Rock Bet, Illinois’ newest mobile sportsbook, made its entry in late August, recording a $1.6 million handle in its first six days.
Among the established operators, Fanatics Sportsbook had an impressive month, securing third place with a $62.7 million handle.
This saw Fanatics surpass BetRivers in terms of handle. However, BetRivers reclaimed its position in terms of revenue, generating $4.4 million, edging out ESPN BET.
FanDuel continued to dominate in hold rate, achieving 8.2%, while BetRivers exceeded the industry average with a 7.4% hold. DraftKings narrowly missed the mark at 6.9%. Fanatics placed fourth for revenue with $3.6 million, and BetMGM completed the top five with $2.1 million.
Caesars edged out ESPN BET for sixth place, while Circa Sports posted its third consecutive month of losses, reporting a $443,100 deficit in August and falling below $1 million in year-to-date revenue.
Recommended