The sports betting scene in Illinois remains dynamic, with notable shifts in handle and revenue in February 2023. While there was a 19% dip from the record-breaking handle of $1.07 billion in January, the year-on-year growth stands out at an impressive 29%.
Handle Analysis:
In February, Illinois sportsbooks recorded a total handle of $875.4 million, marking a decrease from the previous month but showcasing significant year-on-year growth.
This drop was the first time the handle fell below $1 billion since September 2022, indicating a level of seasonality and market fluctuations.
Mobile vs. Retail:
Mobile sports betting continued to dominate the landscape, accounting for the bulk of the handle at $852 million.
Retail sportsbooks contributed $28.2 million, emphasizing the convenience and popularity of mobile betting among Illinois bettors.
Gross Gaming Revenue:
Despite the dip in handle, the state’s sportsbooks generated a gross gaming revenue (GGR) of $68.4 million in February.
This represents a 22% decrease from January, reflecting the impact of the lower handle on revenue.
Tax Revenue:
The state collected $10.3 million in taxes from sports betting activities in February, a reduction from the previous month’s $14.4 million.
These tax figures underscore the importance of sports betting as a revenue source for Illinois.
Market Leaders:
FanDuel led the mobile sports betting market, reporting an impressive $33.2 million in revenue from a handle of over $305 million.
DraftKings secured the second position with $18.2 million in revenue, generated from a handle of $277 million.
BetRivers maintained a strong presence with $5.6 million in revenue from a handle of $80.2 million.
Illinois’ sports betting industry continues to demonstrate resilience and growth, with a remarkable 29% year-on-year increase in betting activity. While February saw a slight decline in handle and revenue from the record-setting January, the state remains a vibrant hub for sports wagering. The dominance of mobile betting and the competitive landscape among top players like FanDuel, DraftKings, and BetRivers are shaping the future of sports betting in Illinois. The state’s ability to adapt to market fluctuations and maintain tax revenues highlights the industry’s significance in the region.