Illinois is continuing to showcase its viability as a sports betting market following the state’s latest monthly revenue report.
According to data provided by the Illinois Gaming Board, operators in the state accepted $879 million in wagers in August, a 30% increase compared to the same month last year. In August, sportsbooks generated $59.2 million in adjusted gross revenue for a 6.7% hold. The results were a 26% uptick compared to August 2023 when the hold was 6.9%.
Illinois operators reported revenue growth despite a change in state tax rates.
Earlier this year, Gov. J.B. Pritzker approved a budget plan that sees operators taxed on a sliding scale based on their adjusted gross revenue. Operators in the Land of Lincoln that report more than $200 million in revenue are taxed at a 40% rate. The tax rate in Illinois for operators is the second-highest rate in America behind New York.
The new tax rate in Illinois generated $13.6 million in revenue for the state in August.
Baseball led all sports categories in Illinois with the state seeing bettors dish out $236.3 million to wager on MLB. College football and the NFL preseason also boosted results in August with the sport generating $81 million in wagers while basketball closed at $53.5 million. Tennis also found favor with Illinois bettors thanks to the two-week-long US Open.
In August, bettors in the Land of Lincoln dished out $112.1 million on tennis wagers.
DraftKings leads in Illinois
The Boston-based operator closed August with a $328.4 million handle with revenue closing at $22.3 million for a 6.7% hold. In August, DraftKings surpassed FanDuel for handle but the Flutter-owned brand closed the month with an improved hold of 8.1%.
In August, FanDuel reported a $266.5 million handle and $21.6 million in revenue.
Fanatics Sportsbook, which launched operations in April, made significant progress in Illinois with the operator finishing third in handle despite its adolescence. The PointsBet takeover posted a $62.7 million handle in August with revenue reaching $3.6 million.
In August, BetRivers finished behind Fanatics for handle but the operator generated more revenue. That month, BetRivers posted a $60.1 million handle but $4.4 million in revenue.
ESPN Bet remained far behind major operators with the Barstool Sportsbook rebrand closing August with a $30 million handle. Newcomer Hard Rock Bet also reported results. The operator, which debuted on Aug. 26, reported a $1.6 million handle for the month.
