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Illinois Sports Betting Revenue Hits Record $136.4M in September

Illinois sports betting hit a record $136.4M in revenue for September, driven by $1.31B in wagers during the NFL kick-off. Online betting dominated with $1.27B, and FanDuel reclaimed the top spot from DraftKings.
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Branimir Ivanov | Senior News Contributor

Updated: Nov 19, 2024

Sports Betting on the Rise in illinois

Illinois’ sports betting market reached new heights in September 2024, setting a monthly adjusted gross revenue (AGR) record of $136.4 million. This edged out the previous high of $135.2 million, set in January of the same year. Despite the revenue milestone, the state’s betting handle—total wagers placed—came in at $1.31 billion, falling 4.7% short of the all-time record of $1.38 billion set in November 2023. The figures, released by the Illinois Gaming Board, highlight the dynamic growth of sports betting in the state, bolstered by the kick-off of the NFL season and a year-on-year AGR increase of 58.6%.

 

A Strong Start to NFL Season Fuels Growth

The September surge in sports betting coincided with the start of the NFL season, traditionally a lucrative period for operators. Players spent 21.5% more than in September 2023 and nearly 50% more than in August, illustrating the sharp uptick in betting activity. Professional sports dominated the landscape, attracting $1.12 billion in wagers, while college sports contributed $177.1 million. Motor racing and miscellaneous sports accounted for a combined $6 million, underscoring the dominance of football during this time.

Online betting continued to drive the Illinois market, accounting for $1.27 billion of the total handle, while retail sportsbooks contributed $34.9 million. These figures reaffirm the preference of Illinois bettors for online platforms, which also generated $132.6 million of total AGR, compared to $3.9 million from retail venues. The record-breaking revenue highlights how operators and regulators alike benefit from this thriving ecosystem.

 

Top Operators: FanDuel, DraftKings, and Fanatics

FanDuel emerged as the top operator in Illinois for September, regaining its position from DraftKings. FanDuel, which partners with Fairmount Park in Illinois, reported $53.7 million in revenue on a $404.4 million handle, yielding a robust 13.27% hold. DraftKings, despite a higher handle of $501.5 million through its partnership with Casino Queen, fell to second place with $47.7 million in revenue, reflecting a hold of just 9.51%. DraftKings attributed its lower hold to player-friendly NFL results, signaling a challenging start to Q4 for the operator.

Fanatics, a relative newcomer, secured third place with $10.6 million in revenue on a $99.3 million handle, achieving a 10.67% hold. This marked a significant milestone for Fanatics as it continues to expand its footprint in the state. Meanwhile, BetRivers, affiliated with Midwest Gaming & Entertainment, posted $8.8 million in revenue from an $81.1 million handle, maintaining its competitive position.

Other notable players included Caesars, which reported $4.8 million in revenue from $54.8 million in bets, reflecting an 8.76% hold. ESPN Bet, which partners with Hollywood Casino Aurora, recorded $3.5 million in revenue from $55.2 million in wagers, marking an improvement from August but still trailing market leaders.

 

Newcomers and Emerging Players

Newer entrants like ESPN Bet and Hard Rock are making incremental progress in Illinois’ competitive market. ESPN Bet, with a 6.34% hold, showed growth from the prior month but still faces challenges in closing the gap with established operators. Hard Rock, which launched in August, reported $1.6 million in revenue from a $17.4 million handle, achieving a respectable 9.2% hold. These results indicate that while the barriers to entry in Illinois remain high, emerging players can carve out niches through strategic positioning and targeted promotions.

The state’s revised tax structure, which went into effect on July 1, played a pivotal role in Illinois collecting $37.3 million in taxes from sports betting in September. This marks a 168.3% increase from the previous year, driven by a sliding scale tax rate ranging from 20% to 40% of gross gaming revenue, replacing the prior flat rate of 15%. The new rules aim to maximize state revenues while balancing the operational realities for sportsbooks. The significant jump in tax revenue underscores the success of the revised system, though operators may face increasing pressure to maintain profitability under the new structure.

 

Illinois set a new sports betting revenue record of $136.4 million in September, driven by a $1.31 billion handle as the NFL season kicked off.

 

Industry Outlook

The record revenue figures and robust betting activity in September underscore Illinois’ status as one of the leading sports betting markets in the U.S. The NFL season’s strong start has clearly fueled growth, but the state’s inability to break its handle record suggests there may be a ceiling to how much Illinois bettors are willing to spend. As operators like Fanatics and ESPN Bet continue to grow and established players like DraftKings work to mitigate challenges, the market remains competitive and dynamic.

With Illinois’ revised tax structure in full effect, stakeholders will closely monitor October’s results, particularly to see how NFL outcomes impact operator margins. The state’s approach to balancing regulatory oversight with market growth could serve as a model for other jurisdictions, particularly as the U.S. sports betting landscape continues to evolve.

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