Sports Betting

In April 2024, Illinois Sportsbooks generated $92 million in revenue

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The Illinois Gaming Board reported $92 million in adjusted sports betting revenue in April 2024. For the eighth consecutive month, their betting handle topped $1 billion. Compared to April 2023, operator winnings were up 2.7%. That despite a 22.8% increase in their handle to $1.1 billion. Illinois’ hold was just shy of 10% in 2023, compared to 8.3% in 2024. Additionally, their betting handle dropped by 12.7%. In March, they had a betting handle of $1.26 billion, but revenue was 7.6% lower. 

On top of all this, Illinois became the fourth state along with New York, New Jersey, and Nevada to surpass an all-time post-PASPA betting handle of $35 billion. Illinois also collected $13.8 million in taxes for April 2024. Bringing their yearly total to $61.5 million. Right now, they are $8.9 million ahead of their pace in 2023. Starting July 1, Illinois will be switching to new progressive tax rates. 

What sportsbooks saw the most profit in April 2024?

One shocking number for Illinois’ April 2024 revenue, FanDuel and DraftKings made up for more than 90% of the $49 million in additional tax revenue. Additionally, both industry leaders were in the 35% tax bracket on the strength of parlay revenue. FanDuel had $133.1 million in winnings from multi-leg bets. That alone would have put them in the 35% tax bracket. However, DraftKings would be in the 30% tax bracket with their $80.6 million in revenue. 

In Illinois, an amendment separated the revenue from sports betting apps and brick-and-mortar venues into separate tax brackets. BetRivers is one sportsbook that benefits from that change. In April, BetRivers generated $3.5 million. FanDuel was #1 in April 2024 with $43.8 million in revenue. They had an 11.3% hold and a $386.9 million handle. Almost 80% of their winnings came from parlays and same-game parlays. FanDuel saw $134.8 million wagered on paralys in April 2024. 

DraftKings had the largest handle in April 2024 with $400.3 million. They collected $27.9 million in winnings. Parlays accounted for $17.7 million of their winnings, close to ⅔ of the total. BetRivers had a 7.6% hold on $5.4 million in winnings and a betting handle of $71.5 million.