Illinois Sports Betting Market Continues to Thrive, Surpassing $1 Billion in May
The Illinois sports betting market has once again demonstrated its robust growth by surpassing the $1 billion handle mark for the ninth consecutive month.
Monthly Trends and Online Wagering Dominance
In May 2024, the total sports betting handle reached $1.02 billion, marking a 21.9% increase from the $821.7 million recorded during the same period in 2023.
Despite a month-over-month decline of 8.9% from April’s $1.10 billion, the substantial yearly growth highlights the overall positive trajectory of the market. Notably, the vast majority of the handle, $985.7 million or 96.5%, came from online wagering through the state’s eight approved internet operators.
Focus on Professional Sports
Professional sports continue to dominate the betting landscape in Illinois, accounting for $1.01 billion, or 99.1%, of May’s total sports betting handle. However, there is also noticeable interest in other areas, with $3.7 million wagered on college sports and an additional $1.4 million on motor racing.
The strong handle translated into significant revenue growth for the state’s operators. Adjusted gross revenue in May 2024 was $100.9 million, a 13.4% increase from the previous year and a 9.7% rise from April. FanDuel, partnered with Fairmont Park, led in terms of adjusted gross revenue, achieving $43.0 million.
Meanwhile, DraftKings processed the highest overall handle at $386.4 million but saw a lower revenue of $30.9 million due to a weaker hold rate.
Beyond the industry giants, other operators like BetRivers and Midwest Gaming and Entertainment, as well as Fanatics in partnership with Hawthorne Race Course, made substantial contributions.
Smaller operators, including ESPN Bet and HC Aurora, along with Caesars and Elgin Riverboat Resort, also successfully captured significant revenue, showcasing the diverse and competitive nature of the Illinois market.
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