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Illinois Sportsbooks Reap $92 Million In April 2024 Revenue 62j71

25%-plus hold on parlays helps absorb $4.8 million loss on boxing and MMA bets 2t2ah

Chris AltrudaChris Altruda
June 12, 2024
in Industry

Jamie Sabau/Getty Images. 6q62m

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The sports betting revenue for April on Thursday, while handle topped $1 billion for the eighth consecutive month.

Operator winnings were up compared to March’s $1.26 billion, while revenue was 7.5% lower.

Illinois became the fourth state along with New York, and Nevada to sur $35 billion in handle in the post-PASPA era. April marked the 13th time the Prairie State reached $1 billion in monthly wagers, trailing only New York (26) and New Jersey (19).

With only Arizona yet to report figures for April, it’s a near-certainty Illinois will pip New Jersey for second nationally for the first time this year.

The state collected $13.8 million in taxes, lifting the year-to-date total to $61.5 million. That’s $8.9 million ahead of last year’s pace, but licensees will be taxed at the current 15% rate only through June. Illinois will switch to a progressive tax starting with its new fiscal year July 1, with tax rates starting at 20% and reaching 40% for any operator that generates more than $200 million in revenue in a fiscal year.

Looking at Tax Revenue With Progressive Tiers 376c6a

Operator Fiscal Year 2024 Adjusted Gross Revenue 15% Flat Tax Maximum Tier Reached For New Tax Rates Projected Taxes With Progressive Rates Difference
FanDuel $411,513,800 $61,727,070 40% $145,605,520 $83,878,450
DraftKings $340,386,927 $51,058,039 40% $117,154,771 $66,096,732
BetRivers $72,424,684 $10,863,703 30% $17,727,405 $6,863,702
Fanatics Sportsbook $48,301,186 $7,245,178 25% $10,575,297 $3,330,119
ESPN BET $44,086,375 $6,612,956 25% $9,521,594 $2,908,638
BetMGM $40,137,568 $6,020,635 25% $8,534,392 $2,513,757
Caesars Sports $31,489,003 $4,723,350 25% $6,372,251 $1,648,901
Circa Sports $1,691,394 $253,709 20% $338,279 $84,570
TOTALS $990,030,938 $148,504,641 $315,879,509 $167,374,868

In using 2024 revenue generated by mobile operators to show how the progressive tax rates will work, the most eye-catching part of the above chart is DraftKings ing for more than 90% of the nearly $49 million in additional tax revenue for the state.

Both quickly made their way into the 35% bracket on the strength of parlay revenue. FanDuel’s $133.1 million in winnings from the multi-leg bets alone would elevate its respective license-holders to the 35% tier, while the $80.6 million DraftKings has reaped would move it to the 30% bracket.

Based on Illinois bettors’ love of parlays — the $307.4 million worth of such bets in April represented 27.8% of the handle but 68.2% of the revenue — and how well both FanDuel and DraftKings fare in that specific marketplace, it stands to reason they will reach the $200 million in revenue to trigger the maximum 40% tax rate fairly quickly.

It could also be faster than the current pace given action begins to pick up in August with the college football season.

A second observation is online sportsbook apps and brick-and-mortar venues into their own silos for tax purposes. The $3.5 million that Rivers Casino — which is the licensee of BetRivers — has generated in Des Plaines would have moved it within $1 million of the 25% tax rate triggered at $30 million.

Based on the four-month revenue totals, Rivers almost certainly would reach at least the 30% tier had both sources of revenue been taxed as one entity as the top brick-and-mortar sportsbook in the state.

Hollywood Casino in Aurora — license-holder of BetMGM, could also have progressed to that tax bracket in a 12-month period.

Though the current pace projects an increase of $147 million in tax revenue — short of Illinois Gov. JB Pritzker’s original $200 million ask in February when he proposed to raise the tax rate from 15% to 35% —  FanDuel and DraftKings will likely generate enough revenue at the two highest tiers to get the overall number closer, if not beyond, the governor’s want. Total year-to-date handle is up 20.6% compared to 2023, and revenue is up 16.8% at $410.1 million.

Illinois narrowly eclipsed $1 billion in adjusted revenue in 2023, and its top two operators are currently outperforming last year’s numbers. DraftKings’ revenue is up 43.2% compared to the first four months of last year, while FanDuel’s winnings have increased 11.1%.

FanDuel Rolls Thanks to Parlay Windfall 403b43

Running APRIL Top 10 #SportsBetting handles by state:

1 New York ~$1.97B
2 ILLINOIS $1.1B
3 New Jersey $1.04B
4 N. Carolina $648.9M
5 Penn. $646.1M
6 Mass. $603.3M
7 Maryland $486.3M
8 Indiana $393.9M
9 Tennessee $380.9M
10 Iowa $209.5M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) June 11, 2024

FanDuel paced the state’s eight sports betting apps in April revenue with $43.8 million, crafting an 11.3% hold from $386.9 million in completed events handle. Nearly 80% of that total — $34.2 million — was derived from parlays and same-game parlays, as the online titan had an eye-watering hold of 25.4% on $134.8 million worth of such wagers.

DraftKings was tops in handle with $400.3 million and narrowly missed the 7% industry-standard hold in collecting $27.9 million in winnings. Parlays represented close to two-thirds of that total at $17.7 million, as it fashioned an 18.1% win rate on those bets.

BetRivers took the final podium spots in both revenue and handle, attaining a 7.6% hold in winning $5.4 million from $71.5 million.

ESPN BET, BetMGM, and Fanatics Sportsbook were separated by $139,100 in revenue for the fourth through sixth slots, with ESPN BET on the high end at $3.7 million with a 7% win rate and Fanatics lowest on the totem at $3.6 despite an 8.4% hold. BetMGM had close to $3.7 million, finishing with a 6.7% win rate and edging out ESPN BET for fourth in handle with $55.1 million to the PENN Entertainment-owned book’s $53.1 million.

Circa Sports came out just $22,842 ahead on $17.2 million in handle, good for a 0.1% hold.

Garcia Upset Contributes to Heavy Boxing/MMA Losses 5cm49

The 20.3% overall hold on parlays generated $62.2 million in revenue for Illinois sportsbooks in April, but they took a beating on boxing and MMA action, paying out close to $4.9 million above the $12.2 million worth of accepted bets.

Ryan Garcia’s upset of Devin Haney in a super lightweight boxing bout on April 20 contributed to seven-figure losses for both FanDuel and DraftKings in the sport-specific category. FanDuel took a hit of $2.6 million, while DraftKings was saddled with a loss of almost $1.9 million.

Basketball was the second-largest source of income at $13.7 million, but that figure was dragged down by Argosy Casino Alton absorbing a loss of $768,800. The hold on hoops wagers came in at 4.3% against $319 million in handle.

The first full month of baseball generated $6.5 million in winnings but only a 3.2% hold from $204.5 million worth of bets placed. Tennis rounded out the top four sports for revenue when including parlays, as the house collected $5.2 million on the strength of a 6.9% win rate against $80.3 million in handle.

No other sport reached $2 million in revenue, though hockey came within $24,300 of that benchmark and soccer fell $61,600 shy.

When not wagering on parlays, Illinois bettors proved fairly shrewd in single-event wagering, holding operators to a 3.6% hold on close to $800 million worth of bets placed.

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Chris Altruda

Chris Altruda 6a54t

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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