Illinois continues to witness a surge in its sports betting industry, with a remarkable handle of $676.1 million in August. This figure represents a 10.6% increase from March’s total of $611.3 million and a substantial year-on-year growth of 19.7%. The state’s online sports betting sector remains dominant, accounting for an impressive 96% of the total handle.
Illinois Joins Elite Ranks:
Illinois now proudly joins an elite group of states, becoming the fourth to achieve a cumulative handle of $25 billion since launching its sports betting market. This milestone places Illinois in esteemed company alongside New York, New Jersey, and Nevada.
Adjusted Gross Revenue and Hold:
Despite the soaring handle, the adjusted gross revenue (AGR) for Illinois sportsbooks stood at $46.9 million in August, reflecting a 23.2% month-on-month decrease. Notably, this marks the first time the AGR has dipped below 7% since June 2022. The AGR hold was 6.9%.
Key Market Players:
In August, several key players in the Illinois sports betting landscape reported substantial activity. DraftKings recorded a significant handle of $241.3 million, contributing to revenue amounting to $15.8 million. FanDuel, another major player, reported revenue of $17.3 million generated from a handle of $222.6 million. BetRivers secured the third-highest handle in August, reaching $63.3 million. Additional prominent operators, including Caesars, PointsBet, and BetMGM, reported handles exceeding $30 million.
Tax Contributions and Economic Impact:
In August, sports betting operators in Illinois contributed $7 million in taxes. Cook County received $508,993 from sports betting activities in the Chicago area, reflecting the positive economic impact of the industry.
The surge in Illinois’ sports betting market is indicative of the growing popularity and robust demand for sports wagering within the state. The dominance of online betting highlights the significance of convenient and accessible platforms for sports enthusiasts. Illinois’ achievement of a $25 billion handle reinforces its position as a thriving sports betting market, with further growth and innovation anticipated in the coming months.