Illinois achieves $1 billion mark in sports betting earnings
Illinois clinched a major milestone in the sports wagering world, becoming the fourth state to surpass $1 billion in operator revenue. The latest figures were announced by Illinois Gaming Board Administrator Marcus Fruchter, marking a significant stride in the industry.
The impressive $46.1 million earnings claimed by sportsbooks in July placed Illinois alongside New Jersey, Nevada, and Pennsylvania – the only states to have achieved this revenue benchmark post-PASPA. Remarkably, Illinois managed to reach this threshold quicker than both New Jersey and Nevada, who needed 35 and 41 months respectively.
For traditional wagers, Illinois reported a handle of $516.4 million in July, falling just short of dethroning New Jersey from the second spot in national handle. Comparatively, New Jersey's traditional wagers totaled $518.6 million during the same period. Although Illinois' July handle saw a 17.8% decrease compared to June, it was up nearly 40% year-on-year.
Sports wagering has contributed $58.1 million in state taxes for Illinois this year, marking a 32.4% year-over-year increase in revenue to $387.3 million. County-wise, Cook County saw more than $24 million in operator revenue, generating $481,000 in tax receipts.
As for mobile operators, market leaders FanDuel and DraftKings dominated July with a combined 64% market share. Despite BetMGM's entrance into Illinois, FanDuel continued to stand out with a 10.9% win rate, bringing its revenue close to $400 million in Illinois. DraftKings followed closely behind with a more modest 7% hold.
Interestingly, parlay revenue accounted for nearly half the total amount, generating $21.3 million from $120.2 million in completed events handle for a 17.7% win rate. Baseball was the largest revenue generator, with $11.6 million, and tennis surprised as the second-largest handle and revenue generator at $78.7 million and $5.5 million respectively.
States like New York, Pennsylvania, and Illinois are leading the sports wagering industry, thanks to large populations, established sports betting markets, and strategic operator investments.
Meanwhile, the national sports wagering handle didn't surpass $5 billion for the first time in ten months in July 2022. Although it marked a 61.8% year-over-year improvement, it also ended a lengthy streak that had started last September.
In essence, the sports wagering landscape in the United States continues to evolve, with states like Illinois, New York, and Pennsylvania setting new benchmarks in operator revenue and overall industry growth.
- Initially achieving a $46.1 million earnings record in July, Illinois joins New Jersey, Nevada, and Pennsylvania as the four states surpassing $1 billion in operator revenue in the sports-betting sector, marking a correspondence between sports betting and finance.
- In sports wagering, Illinois, New York, and Pennsylvania are forging ahead with impressive revenues, significantly contributing to their state's finances, demonstrating the intersection of sports, sports-betting, and finance.
- Sports-betting parlay revenue, such as that generated from baseball and tennis in Illinois, plays a significant role in the sports-betting landscape, influencing both sports betting and finance industries.
