(CONFIRMS DRAFTKINGS ADJUSTMENT WAS MADE IN 6TH GRAF)
The DraftKings‘ online winnings.
That contributed to a Arizona has yet to report figures for the month.
Revenue was New Jersey.
The state collected $14.2 million in taxes in June and finished Fiscal Year 2024 with $167 million worth of receipts, an increase of $24.7 million versus Fiscal Year 2023. June was the last month the Illinois progressive rates that start at 20% and can reach as high as 40% based on revenue thresholds for each licensee.
Revenue generated in Cook County totaled $57.4 million and provided $1.1 million in taxes for the county based on its 2% levy. The DraftKings Sportsbook adjacent to Wrigley Field provided $1,800 in tax revenue for the City of Chicago, which collected a 2% tax on $91,600 in winnings.
A Good Month For DraftKings All The Same 4a4m1y
Running June Top 10 #SportsBetting handle by state:
1 New York $1.48B
2 ILLINOIS ~$848M
3 New Jersey $748.4M
4 Ohio $530.6M
5 Mass. $509.4M
6 Nevada $481.6M
7 Penn. $464.5M
8 Virginia $415.4M
9 North Carolina $398.3M
10 Maryland $384.7M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) August 9, 2024
A spokesperson for the Illinois Gaming Board said the adjustment was made by DraftKings for its June figures. Based solely on event wagering, DraftKings claimed $29.7 million in winnings from $322.8 million worth of wagers — good for a 9.2% hold. When including the adjustment, that figure jumps to $38.8 million with a 12.1% win rate.
Technically, FanDuel finished second in both revenue and handle due to the IGB’s adjustment on DraftKings’ revenue total, but the mobile juggernaut maintained its status quo with a 13% win rate against $280.3 million in handle. That resulted in $36.4 million in revenue.
In looking ahead to the new progressive tax structure based on Fiscal Year 2024 figures, both DraftKings and FanDuel would have paid a substantial amount of taxes on revenue at the maximum 40% rate. DraftKings generated $379.2 million in AGR, meaning $179.2 million would have been taxed at 40%, while more than 55% of the $447.9 million FanDuel claimed would have been subject to that levy.
Illinois is one of four states — along with New York, it will implement a surcharge on winning bets (effective Jan. 1) to recoup some of its potential lost revenue to states that tax above 20%. DraftKings has yet to announce the percentage for that surcharge, but based on their month-by-month revenue totals for the first half of FY 2024, the surcharge would be taking effect when DraftKings enters that top 40% tax bracket.
Fanatics Sportsbook Posts Double-Digit Hold b4c10
BetRivers‘ $4.8 million haul. Fanatics did have the second-best hold among Illinois’ eight sportsbook apps at 12% from $41.5 million in handle. BetRivers also claimed the No. 3 spot for handle at $54.9 million, resulting in an 8.8% win rate.
Circa Sports — winning $13,300 above the $11.5 million they wagered.
Ain’t No Party Like An Illinois Parlay Party 2u511w
When broken into events, same-game parlay wagering topped all handle amounts at $243.3 million, edging the $241.2 million in bets. Operators statewide combined for a 17% hold on multi-leg wagers, resulting in $41.3 million in revenue.
FanDuel, as is almost always the case, made hay with $22.8 million in winnings thanks to a robust 22.7% win rate against $100.7 million in handle. DraftKings edged into eight figures for winnings at $10.7 million, but its hold was only 13% from $82.3 million worth of wagers.
Both BetRivers and Fanatics eclipsed $1.8 million in parlay revenue, with Fanatics posting a slightly better hold at 14.7% to BetRivers’ 14.5%. ESPN BET won $1.5 million from bettors on parlays and fashioned a 17.7% hold from $8.6 million in such wagers. Circa Sports began accepting bets on parlays for the first time since entering Illinois last fall and paid out $52,100 above the $582,200 in accepted wagers, a -9% hold.
When excluding parlays, the biggest source of operator revenue came from baseball at $15.8 million as operators had a 6.6% hold. But the $12.3 million in winnings from basketball was a four-fold increase from last year as the 12% win rate was an all-time monthly high.
Multiple sports treated operators well in June: Soccer revenue totaled just shy of $5 million with a 9.4% hold and was boosted by the European Championship as handle reached $52.9 million. Despite a pedestrian 5.7% win rate in tennis, sportsbooks still came away with $4.6 million.
The hold on hockey wagers reached 12.6% as operators kept $2.7 million of the $21.1 million wagered. But bettors nearly matched that amount in golf winnings, coming out $2.4 million ahead on $26.8 million in handle and hanging a -8.9% win rate on the house. It was the largest monthly loss for sportsbooks on golf in Illinois as five of the eight mobile books finished in the red — DraftKings was socked with a $1.8 million loss and FanDuel paid out $821,000 above tickets written.
