The sports betting revenue for March on Wednesday afternoon, as sportsbooks narrowly missed a nine-figure haul for the fifth time in state history.
Revenue was up only 2.3% compared to last March despite a 17.9% surge in traditional handle to $1.26 billion. The 7.9% hold this year was 1.2 percentage points lower, leaving operator winnings $580,000 shy of $100 million.
March’s handle was the fourth-highest in 47 months of wagering in the Land of Lincoln and came within $21.7 million of January’s total for third. The $3.62 billion in accepted bets for the first quarter of 2024 is up 20% from last year.
The state received $14.9 million in tax revenue, and the $47.7 million collected in the opening three months of 2024 is $8.5 million ahead of last year’s pace, as year-to-date revenue is up 21.6% from 2023.
Operator taxes are a point of discussion in Illinois after Gov. JB Pritzker called to more than double the rate to 35% in February for the fiscal year that starts July 1.
Had that rate been in effect for the first three months of 2024, the state would have received $111.4 million — an increase of $63.6 million. Pritzker’s Fiscal Year 2025 budget estimates an additional $200 million in tax revenue with the 35% rate in place.
Cook County received close to $1.1 million in tax revenue from a 2% levy placed on the $54.7 million in adjusted gross revenue generated within its borders, which includes Chicago.
The city itself collected $910 in taxes from its 2% levy placed on the $45,500 in revenue generated at the DraftKings at Wrigley Field, which began taking wagers in March.
Plenty of March Madness action 1f5p4h
Running March #SportsBetting handle by state:
1 New York $1.85B
2 New Jersey $1.33B
3 ILLINOIS $1.26B
4 Ohio $809.3M
5 Penn. $800.7M
6 Nevada $785.3M
7 N.C. $659.3M
8 Mass. $654.9M
9 Virginia $635.6M
10 Colorado $593.1M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) May 15, 2024
The Illinois Gaming Board does not break out handle between college basketball, but total wagering on the sport totaled $633.7 million for March — an all-time monthly high and an increase of 23.4% from last year.
It did note that total wagering on college sports for the month, which would be overwhelmingly on basketball given the time of year, totaled $394.8 million. In-person college wagering totaled $16.2 million.
Operators claimed $26 million in revenue from all basketball bets placed, good for a 4.1% hold. That was the largest single source of revenue from a specific sport, while winnings from same-game parlays ed for more than half the overall amount at $56.8 million. Illinois bettors wagered $349.7 million on multi-leg bets, resulting in a 16.2% win rate for the house.
Tennis was a distant second when it came to operator revenue at $5.1 million, as the house had a 6.6% hold on $76.6 million in handle. Soccer was the only other sport to produce more than $3 million in revenue, clearing that mark by $88,000 as handle totaled $43.7 million.
FanDuel tops in revenue; DraftKings leads in handle 13115s
Betting via the state’s eight sports betting apps ed for 97% of the total handle at $1.23 billion.
FanDuel took top honors for revenue with $41.4 million, fashioning a 9.5% hold from $433.8 million in completed events handle. The $435.3 million in traditional handle was within $1.3 million of its all-time high set last December.
DraftKings also narrowly missed its top mark for wagers at $461.5 million, $2.4 million shy of its best total. It collected $32.8 million in winnings — the fourth consecutive month over $30 million — while attaining a 7.1% win rate.
BetRivers ed FanDuel as the only mobile book to top an 8% hold, landing at 8.1% in collecting $6.5 million in revenue from $79.8 million worth of bets placed.
The fourth through seventh spots for handle were separated by $9.7 million, with Fanatics Sportsbook ($52.3 million).
ESPN BET also took the No. 4 spot for revenue with $4.7 million, while Caesars rounded out the top five with just over $4 million. Fanatics pipped BetMGM for sixth by $419,000. Circa Sports set a record for revenue with $324,200 while posting an eight-digit handle for just the second time since launch with $11 million worth of wagers.
DraftKings at Wrigley draws college hoops fans 1m443b
Bettors who had been waiting nearly a year to place bets at the DraftKings location adjacent to iconic Wrigley Field put a notable chunk of their action on basketball wagers, with almost $494,100 — nearly 70% of the total completed events handle — bet on pro and college basketball. That percentage eclipsed 90% when including the $151,400 in parlays.
Perhaps more impressively was that bettors came out nearly $14,000 ahead on their parlay bets in contrast to the 8.1% hold on basketball that netted DraftKings $40,100 in revenue.
DraftKings’ other retail sportsbook on the other side of the state — at Casino Queen near the Missouri border — enjoyed a solid March with $563,900 in winnings while crafting a 7.2% hold.
Rivers Casino paced all brick-and-mortar venues with $875,200 in revenue thanks to a 7.4% win rate from $11.8 million worth of bets. Argosy Casino in Alton grossed $592,700 in revenue while notching a 15.7% hold, with $397,300 eligible to be taxed.
