Why Illinois Sportsbooks Made 6X More Money In October

In October, Illinois reported a sports betting handle of $434.6 million, marking a significant rise from September’s $305.2 million.

That’s a significant increase, but it’s dwarfed by the impressive revenue growth of Illinois sportsbooks.

In September, Illinois sportsbooks collectively made $6.8 million. However, within just over six days in October, that figure multiplied, totaling $42.2 million.

Here’s a look at the revenue splits for September:

Licensee	Online Company	Complete Manage	Internet Support	Shop Control	Full income	Express Revenue	Nearby Excise Income
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	Hill, William	$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

as opposed to October:

Licensee	Online Company	Complete Manage	Internet Support	Shop Control	Full income	Express Revenue	Nearby Excise Income
Queen Casino	DraftKings	$141,416,340	$138,474,252	$2,942,087	$13,207,233	$1,722,457	$115,342
Rivers	BetRivers	$115,497,756	$101,546,001	$13,951,755	$13,131,663	$1,939,860	$170,938
Par-A-Dice	FanDuel	$105,571,911	$105,235,658	$336,253	$12,521,849	$1,671,313	$116,422
Hawthorne	PointsBet	$60,777,714	$60,250,110	$527,605	$5,550,739	$767,989	$71,314
Queen Victoria	Hill, William	$5,600,506	$4,274,205	$1,326,301	$1,563,631	$92,243	$3,223
Argosy	N/A	$3,058,668	$0	$3,058,668	$394,523	$59,180	$0
Joliet from Hollywood	N/A	$1,429,774	$0	$1,429,774	$275,873	$33,295	$0
Aurora in Hollywood	N/A	$1,214,434	$0	$1,214,434	$322,313	$43,708	$0
Total		$434,567,103	$409,780,227	$24,786,876	$46,967,823	$6,330,045	$477,239

BetRivers was the only sportsbook in Illinois to make a profit of at least $1 million in September.

In October, four sportsbooks earned profits of at least $5 million, with three of these – BetRivers, DraftKings, and FanDuel, making at least $10 million.

The calculation for hold percentage is done by dividing revenue by the total handle. In September, the hold percentage stood at 2.2%, but it experienced a significant increase to 9.7% in October. To give you an idea, the industry commonly sees a standard hold percentage of approximately 5%-6%.

Why then was October different in Illinois? This is what we know.

The bounce’s good fortune

Despite the industry standard hold percentage being between 5% and 6%, the figure can vary in either direction within a small sample.

In simpler terms, sports greatly surpassed the betting public in October. Meanwhile, in Illinois, the public achieved much more success in September.

This was also applicable to other markets. For example, nearby Indiana held a similar 9.1% in October, which was a substantial increase from September, though the spike wasn’t as dramatic as in Illinois.

Patrick Eichner, PointsBet’s director of contacts, informed Play Illinois:

Overall, October was a beneficial month for the book. This could be due to the fact that the October ticket was generally more advantageous for the book than it was initially when clients made a substantial profit by betting on overs.

Animals begin to lose, advertising credits

The Bears, hailing from our hometown, also initiated their decline in October following an unexpected 3-0 triumph in September. They closed the month with a balanced 2-2, which isn’t terrible. However, most weeks, the Chicago Bears prove to be a risk for Illinois sportsbooks.

In reality, the Bears didn’t perform exceptionally well in October, they simply met expectations.

That contributed to the drop in September’s revenues. On a side note, The Bears had zero wins and four losses in November, and we’ll check to see if this is reflected in the forthcoming revenue report for November.

Eichner remarked:

From what we have observed, Bears fans, especially, show immense support for their team when compared to bettors across the nation and those specifically in Illinois. Even the most passionate fans prefer to find a player prop instead of betting on the Packers to beat their favorite team, even if they have little faith in the Bears.

Additionally, fewer promotional credits were distributed in October compared to September.

DraftKings and FanDuel were launched in September, while PointsBet and William Hill went live mid-month.

DraftKings, FanDuel, and PointsBet were notably assertive in their customer acquisition approach, often providing obvious betting opportunities. For a period, it seemed as though free money was being distributed every alternate day.

Even though they didn’t totally disappear in October, there was a slow down. There were still plenty of generous odds boosts and other bonuses available, but not as many as before, such as Bears +105s or & rdquo.

More casino income is advantageous for Illinois

Illinois must be pleased with the revenue statistics from October, as these figures are a percentage of the revenue, without any control.

Before October, the highest amount Illinois had ever accumulated from sports betting was $1.2 million in August.

In October, sports betting generated $6.8 million in tax revenue for the position, shattering a previous six-fold record.

From these, it is also indicated that the dart is pointing upward.

Despite the unusually high hold percentage in October, the growth of handle in the Land of Lincoln is expected to continue. Correspondingly, sportsbooks and tax income are projected to follow the same trend.

Currently, Illinois has only five online sportsbooks, a number expected to increase to a minimum of eight in 2021.

Sportsbooks predict a substantial month in 2020, but the earnings report for December won’t be accessible until February.

The NFL, college football, and college basketball seasons are currently underway, and the NBA season is also beginning.

Operators have consistently prioritized the Illinois business. This becomes clear upon reviewing the revenue report for October.