Where Illinois’ $305 Million Sports Betting Market Stands, And Where It May Be Headed
Illinois’ sports wagering hit a new record in September, totaling $305.2 million and rising to the third spot in the US. The state of Illinois has the fastest-growing sports betting market in the country.
While the market for sports betting in Illinois is not yet mature, each revenue report that is released helps to further our understanding of it. Here is what we have learned so far about the sports betting market in Illinois, and what we can potentially expect in the future.
A dragon sportsbook with three heads
In September, BetRivers, DraftKings, and FanDuel sportsbooks accounted for around $289.7 million, comprising 95% of the total betting handle in Illinois.
Be cautious: PointsBet began operating on Sept. 12, and John Hill followed three days later. Despite not being in business for the entire month, there is still a substantial gap between the third and fourth place operators in Illinois.
Anticipate robust October performances from PointsBet and John Hill Sports Betting, with PointsBet expected to outperform thanks to its emphasis on the state. Nonetheless, both companies still have a significant challenge ahead in their quest to crack the top three.
Does this ring a bell? We did use similar language when discussing BetRivers’ dominance back in August. At that time, they had captured an impressive 84% of the market share.
DraftKings and FanDuel saw significant advancements in September. Here are the specific figures:
| Licensee | Online Company | Handle in full | Handle Online | Shop Handle | Full income | State Revenue | Nearby levy |
|---|---|---|---|---|---|---|---|
| Rivers | BetRivers | $112,719,576 | $98,599,684 | $14,119,892 | $6,771,455 | $893,757 | $80,979 |
| Queen Casino | DraftKings | $98,316,259 | $95,920,730 | $2,395,529 | $2,045,757 | $33,263 | $0 |
| Par-A-Dice | FanDuel | $78,568,310 | $78,376,659 | $191,651 | $1,498,339 | $0 | $1,111 |
| Hawthorne | PointsBet | $8,876,182 | $8,853,933 | $22,249 | $478,710 | $24,887 | $128 |
| Argosy | N/A | $2,297,279 | $0 | $2,297,279 | $160,525 | $24,077 | $0 |
| Queen Victoria | John Hill | $2,216,866 | $1,331,231 | $885,635 | $496,215 | $12,173 | $95 |
| Joliet from Hollywood | N/A | $1,141,444 | $0 | $1,141,444 | $158,037 | $20,160 | $0 |
| Aurora in Hollywood | N/A | $1,088,023 | $0 | $1,088,023 | $145,492 | $17,276 | $0 |
| Total | $305,223,938 | $283,082,238 | $22,141,701 | $11,754,530 | $1,025,593 | $82,312 |
BetRivers had the highest revenue numbers in the state for September, which could be attributed to DraftKings and FanDuel’s aggressive customer acquisition tactics, such as offering bonus bets and better lines.
On the other hand, BetRivers seems to have gained most of its customers in the summer months while being the only operator in the state.
With DraftKings and FanDuel having a strong brand presence and BetRivers already establishing itself in Illinois, all three are anticipated to be significant contenders in the state’s market.
It would be intriguing to see if DraftKings acquires BetRivers in October. Currently, it would be difficult for any new operator to break into the top three in the IT industry.
Illinois in relation to
Illinois is quickly becoming a major player in the US sports betting industry. The top five states with the highest handle in September are as follows:
- $ 748.6 million for New Jersey
- In Nevada, $575.1 million
- Pennsylvania:$ 462,8 million
- Illinois:$ 305.2 billion
- Colorado:$ 207.7 billion
The Illinois-based business is the newest addition to the list, but has the potential to match Pennsylvania’s growth rates as it matures. Both states share similar community characteristics.
In the near future, Illinois is anticipating the arrival of prominent brands such as Barstool, BetMGM sports betting, and Unibet to join the existing five online sportsbooks. These major players are expected to enter the market in 2021.
Illinois achieved a significant milestone in the sports betting industry by surpassing both Colorado and Indiana in just three months.
The strange part is that none of this would have occurred if the business had developed as politicians had intended.
If Gov. JB Pritzker had not continuously suspended the in-person registration requirement, this would not have been possible. With the ongoing COVID-19 situation in Illinois, it is doubtful that he will alter this policy anytime soon.
Roughly 93% of the September handle was generated online, consistent with the numbers seen in August and July. It is interesting to consider how the figures would differ if in-person registration were still available.
Additional Illinois tax documents
- In September, FanDuel failed to report adjusted net income. Marcus Fruchter, the administrator of the Illinois Gaming Board, asserts that if the report’s section reads”& ldquo ,”” zero ,” or” Andrdqua ,” it indicates that the operator was not profitable for the month. The following month will see an increase in the loan.
- Although BetRivers is seen as the dominant leader, DraftKings and FanDuel experienced higher levels of betting activity in September. This indicates that BetRivers likely recorded a higher average dollar amount per win.
- BetRivers had the highest level of activity among retail sportsbooks, with a handle of $14.1 million. This is not surprising, as Rivers Casino’s proximity to Chicago meant that no other retail sportsbook exceeded $3 million in handle.
- Despite not having an online sportsbook at the moment, Argosy Casino Alton outperformed William Hill in terms of handle, and will eventually be transitioning to Unibet.
Papers that are related
