Illinois sports betting revenue hits record $136.4 million in September

Garance Limouzy November 19, 2024

SiGMA news

Illinois’ sports betting industry achieved a new milestone in September, recording its highest-ever monthly revenue of $136.4 million. Although the total betting handle of $1.31 billion was substantial, it narrowly missed the state record of $1.38 billion set in November 2023.

NFL kick-off spurs betting boom

The start of the NFL season fuelled the sports betting activity as the $1.31 billion wagered in September marked a 21.5 percent increase compared to the same month in 2023 and a 49.2 percent jump from August 2024. Most of this came from online bets, which accounted for $1.27 billion, while retail sportsbooks contributed $34.9 million.

Professional sports dominated the betting landscape, with $1.12 billion in wagers. College sports followed with $177.1 million, while motor racing and other sports trailed at $753,685 and $5.3 million, respectively, .

Operator rankings shake up

September saw a shift in Illinois’ operator standings, with FanDuel regaining its lead over DraftKings. FanDuel, in partnership with Fairmount Park, recorded $53.7 million in revenue from $404.4 million in bets, achieving a 13.27 percent hold rate.

DraftKings, collaborating with Casino Queen, fell to second place despite handling a higher volume of bets at $501.5 million. Its revenue totalled $47.7 million, with a hold rate of 9.51 percent. The operator attributed its lower margin to favorable NFL outcomes for players, impacting early Q4 results.

Fanatics, partnered with Hawthorne Race Course, secured third place with $10.6 million in revenue from $99.3 million in wagers, reflecting a 10.67 percent hold rate.

BetRivers, operated by Rush Street Interactive in partnership with Midwest Gaming & Entertainment, ranked fourth. The sportsbook reported $8.8 million in revenue from $81.1 million in bets, with a hold rate of 10.85 percent.

Among newer entrants, ESPN Bet, paired with Hollywood Casino Aurora, posted $3.5 million in revenue from $55.2 million in wagers, achieving a 6.34 percent hold rate. Hard Rock, which launched its sportsbook offering in August, recorded $1.6 million in revenue from $17.4 million in bets, with a 9.2 percent hold.

Adjusted gross revenue and tax contributions skyrocket

Adjusted gross revenue (AGR) surged to $136.4 million, eclipsing the previous state record of $135.2 million set in January 2024. This figure represented a 58.6 percent increase year-over-year and a 130.4 percent rise from August.

Online sportsbooks contributed the bulk of the revenue, generating $132.6 million, while retail venues added $3.9 million. The overall hold rate for September stood at 10.40 percent.

Illinois collected $37.3 million in sports betting taxes for September, a 168.3 percent increase year-over-year. This jump reflects the impact of the state’s revised tax structure, implemented in July, which replaced the flat 15 percent rate with a tiered system ranging from 20 percent to 40 percent, depending on handle size.

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