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Illinois betting handle exceeds $1bn for ninth consecutive month in May

Illinois betting handle exceeds bn for ninth consecutive month in May

Sports betting handle in Illinois exceeded $1.00bn (£781.9m/€924.5m) for the ninth straight month in May, though the Prairie State reported a slight month-on-month decline in stakes.

Total handle for May reached $1.02bn, 21.9% ahead of $821.7m staked last year. However, the figure is down 8.9% from the $1.10bn bet in Illinois during April.

Of all wagers placed in May, $985.7m was spent online through the state’s eight approved internet operators according to the Illinois Gaming Board figures. Players also wagered $31.0m at licensed retail locations across Illinois.

Professional sports accounted for $1.01bn of all bets in May, with $980.7m wagered online and $30.9m via retail sportsbooks. Players staked a further $3.7m on college sports, including $3.6m online and $62,935 at retail locations. A further $1.4m was wagered on motor racing.

Illinois revenue jumps 13.4% year-on-year

Adjusted gross revenue hit $100.9m in May. The total is 13.4% up on last year and also 9.7% higher than April, despite the dip in handle. Hold for the market therefore came to 9.9%.

Online betting made up for $98.1m of May revenue, with just $2.8m coming from retail.

Some $54.3m of all revenue in May came from Cook County, which includes Chicago and its population of 2.7 million.

FanDuel leads the market

Looking at individual operators, FanDuel, partnered with Fairmont Park, once again takes top spot in terms of adjusted gross revenue. FanDuel posted $43.0m in AGR for May from $340.1m in total bets, a hold of 12.6%.

However DraftKings topped the charts in terms of handle, processing $386.4m in May. However a weaker hold of 8.0% resulted in $30.9m in revenue.

Behind these two juggernauts, BetRivers and Midwest Gaming and Entertainment lead the chasing pack with $7.6m in revenue. Fanatics and partner Hawthorne Race Course were not far behind on $6.6m, a 10.1% hold from $65.5m wagered.

As for the rest of the Illinois market, ESPN Bet and HC Aurora took $4.8m in May; Caesars and Elgin Riverboat Resort $3.6m, and BetMGM and Par-A-Dice $3.4m.

Tax take hits $15.1m – but will jump in July

During May, operators paid $15.1m under the state’s 15% levy on AGR and the market will be subject to the same rate in June. However from 1 July, Illinois’ new progressive tax rate comes into force.

The new rate – the second-highest for sports betting after 51% in New York – taxes operators on a sliding scale. Market leaders DraftKings and FanDuel will be hardest hit, paying a 40% levy as revenue tops $200m.

For third-placed Rush Street Interactive, and any company with AGR between $50m to $100m, its tax burden doubles to 30%, with the likes of Fanatics, ESPN Bet, BetMGM and Caesars to pay 25% of revenue between $30m and $50m.

Even Circa Sports, which props up the revenue table, sees tax increase to 20% of AGR.