Illinois Shrugs Off Summer Slump With $840M in April Bets
Illinois shrugged off the summer slump by reporting nearly $840 million in sports betting handle for the month of April.
According to the Illinois Gaming Board, the sportsbooks’ more than $839 million in total bets represented a 14% dip from March’s record-setting $971 million.
Mobile betting accounted for 96% of the total handle, as more than $810 million was wagered through mobile or digital devices in April.
Illinois sports betting action generated nearly $70 in sports betting revenue for April, with parley winnings bringing the lion’s share in this percentage.
The Prairie State drew more than $11 million in taxes from the industry.
Revenue Climbed Over 16% in April
Despite the shrinking handle, revenue increased 16.2% from March, thanks to the 8.4% hold rate, two full percentage points higher.
It was only the second time revenue topped $70 million in Illinois, which kicked off sports betting in March 2020. The Prairie State boasts four of the top 20 all-time monthly revenue totals.
Illinois received nearly $10.6 million in taxes, the second-highest figure, trailing only behind last November’s record $11.9 million.
The state has raised almost $35 million in taxes during the first four months of this year, more than the $9.2 million it generated during the same period in 2021.
Basketball Leads April Wagering in Illinois
Basketball led the Illinois sports betting trend in April, thanks to the NCAA Tournaments and the NBA playoffs coinciding during that period. Illinois bettors wagered around $300 million on basketball events, generating $14.8 million in sportsbook revenue. It was the highest revenue for any sport despite a hold of 5%.
Baseball was the second-most popular choice among Illinois gamblers, who wagered around $135 million on the sport.
Tennis took in nearly $64.8 million in bets, while Hockey reported around $40 million in handle.
However, parlay betting accounted for more than $190 million in April.
FanDuel, DraftKings Dominate Illinois Sports Betting
FanDuel and DraftKings continued to dominate the Illinois sports betting market in April. The two largest national operators took in more than $500 million – or 60% of the total handle – in combined bets in April.
The other five operators were responsible for the rest of the 40% share in the market.
The two big operators have a considerable hold in the Prairie State, and they are unlikely to be affected by the increasing competition in the coming days. WynnBET and Circa Sports recently applied for wagering licenses in Illinois.
Though the arrival of any operator in Illinois is hardly a threat to the giants like FanDuel and DraftKings, more competition will benefit the state gamblers. Increased competition means betters offers, deals, and odds for the Illinois bettors.
Illinois, Third Largest Sports Betting Market in April
Illinois sports betting is likely to retain its position in April as the third-largest market in the nation, trailing only behind New York ($1.39bn), and New Jersey ($926.9 million).
Arizona has yet to release its April figures.
In March, Illinois took in a record $971.3 million in sports betting handle, becoming the third-largest market in the US. Nevada, which posted $863.2 million in the handle in March, has reported just $582.5 million in total wagers for April.
Though Arizona sports betting handle reached its all-time high of $690 million in March, the Copper State needs a miracle to outdo Illinois sports betting handle in April.
With over $3.3 billion in the year-to-date handle, Illinois outshone Nevada for the third-largest market by nearly $30 million. In March and April combined, the Prairie State outperformed Nevada in the handle by approximately $360 million, churning out more than $1.8 billion in the handle.