In a spectacular display of growth, Illinois sportsbooks set a new record in September by amassing a staggering $1.08 billion in bets, marking a remarkable nearly 30% year-on-year increase. This surge in betting activity was driven by a robust 31% growth in online sports betting, contributing $1.02 billion, while retail sportsbooks saw a commendable 2% uptick, totaling $34.9 million.
Handle Growth and Revenue:
The Illinois Gaming Board reported an extraordinary handle of $1.08 billion, showcasing the state’s thriving sports betting market.
Adjusted gross revenue reached $86.2 million, representing a substantial 10% increase compared to September 2022.
Online Dominance:
Online sports betting emerged as the dominant force, capturing 94.4% of the total handle. This highlights the evolving preferences of consumers, showcasing a continued trend towards digital platforms.
Top Performers:
DraftKings reported an impressive handle of $402.9 million, accompanied by revenue of $30.5 million, solidifying its position as a major player in the Illinois sports betting landscape.
FanDuel demonstrated robust performance with $32.4 million in revenue generated from a handle of $348.6 million.
BetRivers secured the third-highest handle in September, reaching $83 million.
Caesars and BetMGM rounded out the top five, contributing to the overall success of the state’s sports betting industry.
Tax Contributions:
The state received more than $12.9 million in taxes from the sports betting activity in September alone.
Year-to-date tax contributions exceeded $103.3 million, surpassing the previous year’s pace by more than $26.2 million through the first nine months.
Analysis and Implications:
The significant surge in sports betting activity in Illinois during September reflects not only the growing popularity of the industry but also the resilience and adaptability of the market. The dominance of online platforms underscores the importance of digital accessibility for consumers. Major players like DraftKings and FanDuel continue to drive substantial revenue, highlighting the competitive landscape within the state.
The substantial tax contributions further emphasize the economic impact of the flourishing sports betting industry on the state of Illinois. The record-breaking handle and revenue figures underscore the potential for continued growth, positioning Illinois as a key player in the evolving landscape of sports betting in the United States.
Illinois’ sports betting market has not only shattered records but has also established itself as a dynamic and thriving industry. The remarkable $1.08 billion in bets for September, coupled with strong revenue figures and substantial tax contributions, paints a promising picture for the future. As the state continues to embrace the digital evolution of sports betting, key players and policymakers alike can anticipate sustained growth and economic contributions from this flourishing sector.