Illinois Sports Betting Handle Exceeds $1 Billion in February
Illinois Surpasses: February Handle Ranks Third Among U.S. States
Illinois surpassed another milestone in February, hitting $1 billion in sports betting handle for the sixth consecutive month. The state’s gaming board reported $1.07 billion in handle, a whopping 22.3% increase from the previous February at $195.2 million.
The Land of Lincoln also made $83.5 million in adjusted gross revenue from sports betting, up 22.1% over the last year. Those figures put Illinois on par with New Jersey, which continues to rival neighboring New York among the industry leaders in sports betting.
Comparatively, New York generated $1.78 billion in handle for February, ahead of New Jersey at $1.08 billion. Nevada ($711 million), Ohio ($672 million), Pennsylvania ($661 million), Virginia ($545 million), Massachusetts ($542 million), Colorado ($537 million) and Maryland ($442 million) rounded out the top 10 highest-performing U.S. states.
Here’s a deeper look at Illinois’ strong performance.
Tax Revenue Up
Illinois collected more than $12.5 million in taxes from betting, increasing its two-month total to $32.8 million. The $218.8 million in taxable revenue for January and February is up 33% compared to 2023.
Those figures would be even higher if it were up to Gov. J.B. Pritzker, who proposed a 35% tax hike as part of his $52.7 billion budget for Fiscal Year 2025. That’s more than double the rate of 15%. Per Pritzker’s estimates, the state would have received an additional $43.8 million in revenue.
By comparison, Pennsylvania currently has a tax rate of 36%, though state operators are allowed to deduct promotional credits before paying taxes on adjusted gross revenue. Of course, that still pales in comparison to New York, which has a tax rate of 51%.
Operators Jockeying for Position
Illinois is home to more than a half-dozen sports betting sites and 11 brick-and-mortar locations. DraftKings and FanDuel are consistently the top performers in the state, ahead of the likes of BetMGM, Caesars and ESPN BET. Fanatics Sportsbook launched in the state on April 5, replacing PointsBet.
In-person sports betting has been active in the state since March 9, 2020, with online gambling receiving the green light three months later. At first, the state required bettors to register in-person at a designated retail site before they were allowed to wager online.
However, Pritzker later waived that requirement because of social-distancing restrictions in light of the COVID-19 pandemic. Now, Illinois bettors can sign up wherever they choose, including at some of the best sports betting sites.
That proved to be a beneficial move for the state, which continues to outperform most of its competitors. Illinois surpassed a record $128 million in revenue for December, with total earnings for the year exceeding $1 billion.
The state also collected $150.3 million in taxes from sports betting, an increase of almost $32 million from 2022. The adjusted gross revenue marked a 26.1% increase.
Bettors Make Bank on Big Game
The betting public had a strong showing for Super Bowl LVIII in Las Vegas, which saw the Kansas City Chiefs outlast the San Francisco 49ers 25-22 in overtime. Operators reported a combined loss of almost $2.4 million from a $69.1 million handle.
FanDuel was hit particularly hard, losing $3.8 million from $18.8 million in online wagers. Caesars, meanwhile, was in the red $510,000 from $3.4 million in wagers. DraftKings, however, won $1.2 million from $28.4 million in handle for a 4.3% win rate.
While NFL betting lines weren’t kind to sportsbooks, they more than made up for it in other areas. In fact, basketball netted $13.7 million in winnings. That was easily operators’ most proficient revenue source behind sports-based parlays.
Tennis netted $5.6 million in winnings from $92.3 million worth of wagers.
Stay tuned for more news on Illinois surpassing $1 billion in sports betting handle for February.
For betting news, odds, analysis and more, visit Point Spreads Sports Magazine.
