A Deep Dive Into Barstool Sportsbook’s First Month In Illinois

Just a few weeks before the NCAA Tournament began, Barstool Sportsbook opened its doors in Illinois on March 11.

The success of Illinois’ Barstool can be perceived differently based on one’s perspective. However, if we consider all factors, it seems that Barstool has had a strong beginning.

Naturally, Barstool and the other Illinois sportsbooks were dealt a harsh blow in April when the state Governor, JB Pritzker, chose not to renew the executive order permitting online sports betting registration.

This is highly detrimental to new and potential operators.

Therefore, Barstool had only approximately three weeks to remotely gain customers. The sign-up center for Barstool is situated at the famous Hollywood Casino Aurora, which is approximately 40 miles away from Chicago. Typically, sports bettors are hesitant to travel any distance to set up an account.

The performance of Barstool in March was compared to that of its five online rivals.

Barstool came in second place in the Illinois sports betting handle.

Shall we examine the full March 2021 gambling cuts in Illinois?

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 sole online sportsbook to rank behind Barstool in terms of handle. Although this may not appear impressive initially, there are several crucial aspects to take into account.

Barstool launched on March 11, missing out on 10 days of potential handle. Thus, although it finished behind PointsBet, its daily handle was higher.

Barstool placed bets averaging approximately $2.33 million every day. This amount, when multiplied by 31 times, sums up to $72.23 million for the month.

That particular entity remains in fourth place, behind DraftKings, FanDuel, and BetRivers. Yet, all these numbers are striking, considering the substantial increase in Illinois’ handles in March. It is indeed impressive to witness a regular control of $72.23 million for any single casino.

Perhaps the most encouraging sign for Barstool, which we have yet to discuss, is-

Barstool had the highest proportion of holds in March.

Barstool finished fifth in both control and revenue for the month.

It possessed a 12.8% hold, undeniably the highest among all books. Let’s pay tribute to Lose Parlays, Can & rsquo, and the & ldquo. & rdquo.

In contrast, DraftKings in Illinois once again led in handle, with bets amounting to $207.6 million. It retained 7% of that total.

Overall, casinos in Illinois had a keep percentage of 7.9%.

But can Barstool sustain this increased hold percentage? The probable answer is yes, based on what we’ve seen in other states.

Exceptional months occasionally occur with eBooks.

For instance, in Pennsylvania, Barstool achieved an impressive 19.2% carry in December. However, as March came closer, this figure dropped to 5.7%.

The story is similar in Michigan, where Barstool has experienced “normal” months interspersed with a significant victory for the book. However, unlike PA, Michigan has only been operational for a few months.

Keep in mind that we only have a small sample size from the US. However, based on the betting type it attracts, initial trends suggest that Barstool is more likely to see double-digit keep percent times than its competitors.

Considering its reportedly low customer acquisition cost compared to other competitors, the handle figure surely doesn’t reveal the entire story.

Moving ahead, Projecting Barstool in Illinois

Hope for Barstool to consistently finish in fourth place in Illinois from now on, on a monthly basis.

The daily data suggests that Barstool will surpass PointsBet in April but won’t outperform BetRivers. It is also projected that Barstool will remain fourth in revenue generation in Illinois for the near future, although it might contest BetRivers.

What if website registration was still in place? In the Land of Lincoln, Barstool could have undeniably had more room for expansion.

It’s easy to imagine, in the world of online registration, a scenario where Barstool overtakes BetRivers to become the third largest sportsbook, in terms of handle and revenue, in Illinois. With remote registration, DraftKings and FanDuel quickly closed in on BetRivers, and it’s probable that Barstool would have done the same.

That being said, it seems unlikely that Barstool will compete with DraftKings or FanDuel in Illinois, no matter what the sign-up environment is.

However, without a legislative correction, it would have been easy to foresee Barstool making $100 million per month in preparation for the upcoming football season.