A Deep Dive Into Barstool Sportsbook’s First Month In Illinois
How is Illinois’ Barstool faring so much? It all depends on how you frame it, I suppose. But all things considered, Barstool appears to have had a powerful start.
Of course, Barstool (and the other sportsbooks in Illinois) received some brutal news in April, when state Gov. JB Pritzkerdidn’t renew the executive order to allow online sports betting registration.
That’s most damaging to new and potential operators.
Therefore, Barstool only had about three weeks to acquire customers remotely. Barstool’s sign-up hub is at the popular Hollywood Casino Aurora, which is around 40 miles from Chicago. In general, sports bettors are reluctant to drive anywhere to create an account.
Barstool’s performance in March compared to that of its five online rivals was Here & rsquo.
Barstool came in second place in the Illinois sports betting handle.
Let’s look at the complete Illinois gambling cuts for March 2021, shall we?
|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|
|Victoria the Great||Theodore Hill||$14,166,187||$13,268,449||$897,738||-$270,456||$15,719||$2,197|
|Joliet from Hollywood||N/A||$1,239,397||$0||$1,239,397||$127,344||$16,700||$0|
Theodore Hill was the only online sportsbook to finish behind Barstool in handle. While that doesn’t sound great in a vacuum, there are a few key factors to consider.
First, Barstool missed out on 10 days of potential handle, as it launched on March 11. So, while it finished behind PointsBet, its handle per day was higher.
Barstool made around$ 2.33 million in bets each day. You get$ 72.23 million for the month if you multiply that by 31 time.
That & rsquo is still in fourth place, trailing DraftKings, FanDuel, and BetRivers. However, all of the figures are garish given how significant Illinois handles ballooning in March. It’s remarkable to see a$ 72.23 million regular control for any one casino.
We & rsquo, perhaps the most encouraging sign for Barstool, has yet to be discussed.
Barstool had the highest proportion of holds in March.
Barstool finished fifth in control for the month but fifth in revenue.
It had a hold of 12.8 %, which is unquestionably the highest of any book. Pour one out for Lose Parlays, Can & rsquo, and the & ldquo. & rdquo,
By contrast, DraftKings in Illinois led in handle once again with $207.6 million in bets. It held 7% of that number.
Illinois casinos produced a 7.9 % keep percentage overall.
But is Barstool able to maintain that raised hold percentage? The answer is probably & hellip based on what we & rsquo have observed in other states.
Ebooks occasionally have exception months.
In PennsylvaniaFor example, in December, Barstool achieved a staggering 19.2 % carry. However, as March approached, the number fell to 5.7 %.
It’s a similar story in Michigan, where Barstool has had “normal” months mixed in with a big win for the book. Unlike PA, Michigan has only been live for a few months.
Remember that there is only a small sample size in the US, but based on the type of betting it attracts, first trends indicate that Barstool will be more likely than rivals to experience double-digit keep percent times.
Moving ahead, Projecting Barstool in Illinois
Hope Barstool to finish in fourth place in Illinois’ manage on a monthly basis moving forward.
The per-day numbers suggest that Barstool will pass PointsBet in April but fall short of BetRivers. Barstool will also likely finish fourth in revenue in Illinois for the foreseeable future, though may challenge BetRivers.
But what if there was still website registration? In the Land of Lincoln, Barstool may include undoubtedly had more room for growth.
In the online registration world, it’s not hard to envision a scenario where Barstool surpasses BetRivers as the No. 3 sportsbook in Illinois by handle and revenue. DraftKings and FanDuel rapidly gained ground on BetRivers with remote registration in place, and Barstool likely would have done the same.
With that said, it doesn’t appear that Barstool will challenge DraftKings or FanDuel in Illinois regardless of the sign-up environment.
However, barring a legislative correct, it would have been simple to see Barstool making$ 100 million per month to handle the upcoming football season.