On Monday, the Illinois Gaming Board announced $100.9 million in adjusted gross sports betting revenue. FanDuel has been the most profitable operator in Illinois as they’ve hammered the public with parlays and same-game parlays. Additionally, the Land of Lincoln extended its streak of $1 billion handles for the ninth month. In May, sportsbooks accepted $1.02 billion worth of wagers. Through the first five months of 2024, Illinois’ betting handle is $5.74 billion. That is 21.2% higher compared to 2023.
State revenue was up 13.3% compared to the 9.9% hold they had in 2023. Operator winnings were up 9.7% compared to April with the win rate 1.6 percentage points higher. On top of that, Illinois collected $15.1 million in taxes on a 15% rate. However, Illinois had a new sports betting tax come into effect on July 1. Their new fiscal year began on July 1 and tax rates start at 20% and progress as high as 40% if operators surpass $200 million in AGR. It will be interesting to see what Illinois sports betting operators report for their July numbers.
Parlays continue to dominate in Illinois
Parlays and same-game parlays have been the key to Illinois’ success in the sports betting market. They are a top three market nationally, crafting a 21% hold in May. The state reaped close to $57 million in winning from $271.7 million in a betting handle. This was the second straight month that their win rate on parlays was over 20%. Additionally, it was the third time in the first five months of 2024. For six consecutive months, Illinois sportsbooks have won at least $53.8 million or more. FanDuel was an industry leader in Illinois for parlays and same-game parlays. They posted a 26.1% hold in May and collected $30.1 million in revenue from multi-leg bets.
May has been a profitable month historically for FanDuel. Over the last four years, they’ve won $88.6 million with a 26.8% hold and a $330.3 million handle. Additionally, their parlay winnings accounted for more than 70% of its $42.9 million in winnings last month. DraftKings led all betting operators in Illinois in May with a traditional handle of $380 million on a 7.9% hold. They claimed $29.8 million in revenue. While they were not as successful as FanDuel, DraftKings still had a solid 16.2% hold on parlays in May.
