Illinois sets sports betting revenue record in November
Illinois Sports Betting Posts New Record Revenue In November
Although Illinois sports teams are not having the best time at the moment, that has not impacted the state’s sports betting industry’s continued growth. According to a report from the state Gaming Board, Illinois smashed its revenue record in November with $779.8 million in total wagers resulting in $78.2 million in revenue. The 10% hold rate reported in November was close to a record high for the state – it had a 10.1% hold rate in June and July 2021. However, it was the first time Illinois had passed $50 million in revenue.
Indications Point to Further Growth in the Future
Illinois saw its handle shrink by approximately 7.2% from October’s record-setting $840.4 million in total sports wagers, but revenue increased by about 61.9% compared to $48.3 million in October. Year on year, Prairie State saw its handle increase by about 72.9%, from $451 million in November 2020.
There are plans to suspend the current in-person registration requirement for sportsbooks in March, which would allow people to join sportsbooks who don’t currently have access. The convenience of not needing to travel to create an account with a particular sportsbook will help boost further growth in Illinois.
Most Popular Sportsbooks
Online sports wagering and mobile betting on IL sports betting apps was far more popular than retail sports betting in Illinois despite the frustrating in-person registration requirement. Online gambling revenue amounted to $74.3 million compared to around $4 million for retail revenue.
DraftKings led the way with an impressive $288.7 million handle (37% market share) and $21.9 million in revenue. The market-leading operator also had a hold rate of 7.6%. However, FanDuel surpassed DraftKings in terms of revenue as it generated $30.2 million in profit with a 14% hold rate.
Next Steps for Illinois
As mentioned above, Governor JB Pritzker has signed legislation that will see the in-person registration requirement end on March 5. This will likely lead to more growth in the state’s sports betting market. Additionally, that legislation allows bettors in Illinois to place wagers on in-state colleges, which is not currently available.
The Chicago City Council also came to a decision on December 10 to allow professional sports stadiums to launch their own sportsbook. According to Chairman Rob Ricketts, the Chicago Cubs are “ready to go.”
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