Illinois tops $1bn in sports betting handle for ninth straight month in May
Operators generate $100.9m in adjusted gross revenue from $1.02bn in total wagering volume in what was penultimate month before new tax regime kicked in
Illinois sportsbooks generated $1.02bn in handle in May according to new figures from the Illinois Gaming Board, extending the run to nine straight months of at least $1bn in total wagering volume.
The latest $1bn month resulted in $100.9m in adjusted gross revenue (AGR), equating to a statewide 9.9% hold.
Despite the lower monthly handle, revenue was up 9.8% month-over-month (MOM) from $91.9m in April thanks to higher operator win rate.
Handle was up 21.9% year-over-year (YOY) from $821.7m during the same period of 2023, while revenue saw a more modest 13.4% growth from $89m in May 2023.
Tax payments back to the state amounted to $15.1m in May, the second-to-last month that will feature Illinois’ longstanding 15% rate.
Beginning in July – with the new fiscal year beginning on July 1 – the state’s new progressive tax structure will come into play, with variable rates between 20% and 40% depending on an operator’s annual AGR.
On the operator side in May, FanDuel paced the market with just under $43m in revenue while accruing $339.7m in handle for a strong 12.6% hold.
DraftKings, meanwhile, took the top spot for handle, accepting $380m in total wagers but was only able to generate $29.8m in AGR due to a markedly lower win rate than its primary competitor.
BetRivers, operated by Chicago-based Rush Street Interactive, rounded out the podium with $6.5m in revenue on $66.2m in handle.
Through the first five months of 2024, Illinois operators have amassed $5.74bn in handle and over $500m in revenue.