A Deep Dive Into Barstool Sportsbook’s First Month In Illinois
Barstool Sportsbook opened in Illinois on March 11, just weeks before the start of the NCAA Tournament.
The success of Illinois’ Barstool may vary depending on one’s viewpoint, but when all factors are taken into account, it appears that Barstool has had a promising start.
In April, Barstool and other Illinois sportsbooks were disappointed when Governor JB Pritzker decided not to extend the executive order allowing online sports betting registration, dealing them a tough setback.
This poses a significant danger to new and potential operators.
As a result, Barstool only had about three weeks to attract customers remotely. The sign-up location for Barstool is located at the well-known Hollywood Casino Aurora, which is roughly 40 miles from Chicago. Generally, sports bettors are reluctant to travel far to open an account.
In March, Barstool’s performance was measured against that of its five online competitors.
Barstool came in second place in the Illinois sports betting handle.
Should we review all of the gambling reductions in Illinois for March 2021?
| Licensee | Product on the internet | Handle in full | Manage Internet | Shop Control | Profit overall | Express Revenue | Local Income Taxes |
|---|---|---|---|---|---|---|---|
| King of the Game | DraftKings | $207,621,175 | $203,880,264 | $3,740,911 | $14,677,143 | $1,900,432 | $131,705 |
| Park Fairmount | FanDuel | $195,190,768 | $194,869,605 | $321,163 | $14,481,253 | $1,912,253 | $153,828 |
| Rivers | BetRivers | $106,860,316 | $95,677,538 | $11,182,777 | $9,240,384 | $1,237,767 | $108,241 |
| Hawthorne | PointsBet | $54,964,445 | $53,559,023 | $1,405,422 | $5,107,770 | $669,364 | $32,997 |
| Aurora Hollywood | Barstool | $48,873,737 | $47,790,297 | $1,083,440 | $6,273,753 | $803,361 | $63,937 |
| Victoria the Great | Theodore Hill | $14,166,187 | $13,268,449 | $897,738 | -$270,456 | $15,719 | $2,197 |
| Argosy | N/A | $4,070,647 | $0 | $4,070,647 | $410,477 | $64,063 | $0 |
| Joliet from Hollywood | N/A | $1,239,397 | $0 | $1,239,397 | $127,344 | $16,700 | $0 |
| Par-A-Dice | FanDuel | $628,286 | $0 | $628,286 | -$163,180 | $27,998 | $638 |
| Total | $633,614,957 | $609,045,176 | $24,569,781 | $49,884,489 | $6,647,655 | $493,543 |
Theodore Hill was the only online sportsbook that fell behind Barstool in terms of handle. While this may not seem noteworthy at first glance, there are several important factors to consider.
Barstool launched on March 11, which resulted in missing out on 10 days of potential handle. Despite finishing behind PointsBet, Barstool’s daily handle was higher.
Barstool averaged daily bets totaling around $2.33 million, resulting in a total of $72.23 million for the month when multiplied by 31.
Despite its impressive performance, the entity remains in fourth place behind DraftKings, FanDuel, and BetRivers. However, the numbers are still noteworthy, especially when considering the significant increase in Illinois’ handles in March. It is quite remarkable to see a consistent control of $72.23 million for a single casino.
We have yet to discuss the most encouraging sign for Barstool, which is –
Barstool had the highest proportion of holds in March.
Barstool ranked fifth for both control and revenue in the month.
It held a 12.8% share, clearly surpassing all other books. Let’s give credit to Lose Parlays, Can & rsquo, and the & ldquo. & rdquo.
On the other hand, DraftKings remained the frontrunner in Illinois, generating a handle of $207.6 million and retaining 7% of the total bets placed.
In general, Illinois casinos retained 7.9% of their revenue.
However, it is likely that Barstool can maintain this higher hold percentage, as evidenced by its performance in other states.
Some months with eBooks are exceptional.
In Pennsylvania, Barstool’s carry rate was an impressive 19.2% in December, but by March, it had decreased to 5.7%.
In Michigan, Barstool has seen a mix of average months and a notable win for the book, despite its shorter time in operation compared to Pennsylvania.
Please note that our data is limited to a small sample from the US. However, early indications point to Barstool being more likely to experience double-digit retention rates compared to its competitors, based on the types of bets it attracts.
The handle figure may not tell the whole story, especially when taking into account its purportedly low customer acquisition cost in comparison to other competitors.
Moving ahead, Projecting Barstool in Illinois
I hope that Barstool will consistently secure the fourth position in Illinois each month moving forward.
Based on daily data, Barstool is expected to overtake PointsBet in April, but is not projected to surpass BetRivers. Barstool is forecasted to remain in fourth place in revenue generation in Illinois for the foreseeable future, although it may challenge BetRivers in the future.
If website registration were still required, Barstool could have definitely seen more opportunities for growth in the Land of Lincoln.
In the realm of online registration, it is not difficult to envision a situation where Barstool surpasses BetRivers to become the third largest sportsbook in Illinois in terms of handle and revenue. With the convenience of remote registration, DraftKings and FanDuel rapidly gained ground on BetRivers, making it likely that Barstool would have followed suit.
However, it appears doubtful that Barstool will be able to rival DraftKings or FanDuel in Illinois, regardless of the registration process.
Yet, lacking a legislative fix, it was not difficult to predict that Barstool could potentially earn $100 million per month in anticipation of the upcoming football season.
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