Illinois’ sports betting industry is witnessing remarkable growth, with August proving to be a standout month. Sportsbooks in the state received a total of $564.8 million in wagers, marking a 9.4% increase from July and an impressive 41% surge compared to the same period last year. The Illinois Gaming Board (IGB) reported revenue of $47.8 million, with mobile wagering contributing significantly to the total. The popularity of baseball and tennis in betting choices further demonstrates the diverse interests of players.
Unprecedented Growth in Sports Betting Activity:
Illinois’ sports betting industry continues to flourish, with a staggering $564.8 million in bets recorded in August. The month witnessed a significant uptick of 9.4% from July’s betting figures, highlighting the steady upward trend. Moreover, when compared to August 2021, the growth is an impressive 41%, indicating the increasing popularity of sports betting in the state.
Mobile Wagering Dominates:
Mobile wagering has emerged as the preferred choice for Illinois bettors, accounting for $540 million of the total bets in August. Retail sportsbooks contributed $24.8 million, underscoring the convenience and accessibility of mobile betting platforms.
Revenue and Tax Contribution:
The Illinois Gaming Board reported revenue of $47.8 million from sports betting activities in August, with a substantial hold rate of nearly 8.5%. This surge in revenue has also led to a considerable tax contribution of close to $7.2 million for the state. The year-to-date total tax revenue stands at an impressive $65.3 million, further boosting the state’s financial resources.
FanDuel Takes the Lead:
FanDuel emerged as the leading sports betting operator in Illinois, with a remarkable $180.2 million in bets, both online and at its retail sportsbook at the Fairmount Park racetrack. Following closely behind, DraftKings secured the second position with a total handle of $172.2 million, while BetRivers recorded $74.2 million in bets.
Baseball and Tennis Dominate Betting Choices:
Baseball proved to be the most popular sport for betting in August, with a staggering $202 million in straight wagers. Tennis followed closely, with $78.7 million in wagers, making it the second most popular choice among players. Additionally, soccer attracted significant betting activity, with players wagering $30.4 million during the month.
Robust Casino Revenues:
In addition to the success of sports betting, Illinois’ casino industry also displayed resilience and growth in August. The eleven casinos in the state generated revenue of $117.3 million, reflecting a modest drop of 4.5% from July, but an impressive 10.4% increase month-on-month.
Illinois’ sports betting market continues to surge, with August witnessing record-breaking wagers and impressive revenues. The dominance of mobile wagering platforms and the popularity of baseball and tennis as betting choices reflect the diverse interests of players in the state. The significant tax contributions from sports betting activities further strengthen Illinois’ financial position. With such impressive growth, Illinois’ sports betting industry is undoubtedly making its mark on the national stage.