Why Illinois Sportsbooks Made 6X More Money In October

Illinois posted $434.6 million in sports betting handle in October, a sharp increase from $305.2 million in September.

That & rsquo is a sizable increase, but it pales in comparison to the Illinois sportsbooks’ impressive revenue growth.

Sportsbooks in Illinois made a combined$ 6.8 million in September and nbsp. In October, that number was multiplied just over six days andnbsp, reaching$ 42.2 million.

Here & rsquo, 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

In September, BetRivers was the only sportsbook to profit at least $1 million in Illinois.

In October, four sportsbooks profited at least $5 million. And three — BetRivers, DraftKings and FanDuel — profited at least $10 million.

Hold percentage is calculated as revenue divided by total handle. In September, hold percentage was 2.2%. That shot up to 9.7% in October. For context, the industry standard is about 5%-6%.

Why then did October differ in Illinois? This is what we are aware of.

The bounce’s good fortune

Although the industry standard hold percentage is between 5 % and 6 %, the number can change in either direction within a small sample.

Simply put, in October, sports significantly outperformed the betting public. In Illinois, the general public had a lot more achievements in September.

That was also true of other markets. Neighboring Indiana, for instance, had a similar 9.1% hold in October, was up significantly from September (though not as much of a spike as Illinois).

PointsBet‘s director of contacts, Patrick Eichner, told Play Illinois:

October was a good month for the book overall, & ldquo. It might simply be a result of the October ticket generally being better for the books than it was in the beginning, when clients made an enormous profit betting on overs. & rdquo,

Animals begin to lose, advertising credits

The hometown Bears also began their downturn in October after an unlikely 3-0 September. They finished 2-2 in the month, and while that’s not bad, the Chicago Bears are a liability for Illinois sportsbooks most weeks.

In actuality, the Bears did not perform particularly well, but rather as expected in October.

That & rsquo contributed to the decline in September’s revenues. Side note: The Bears went 0 – 4 in November, and we & rsquo, we’ll check to see if that shows up in the upcoming revenue report for November.

Eichner remarked:

According to what we & rsquo has observed, Bears fans, in particular, love to support their team when comparing bettors nationally versus those in Illinois. The most ardent of fans would rather find a player prop than wager on the Packers to smack their favorite team, even if there & rsquo’s limited faith in the Bears. & rdquo,

There were also noticeably less promotional credits handed out in October than in September.

In September, DraftKings and FanDuel had just launched, while PointsBet and William Hill went live in the middle of the month.

DraftKings, FanDuel and PointsBet were particularly aggressive with their customer acquisition strategy, frequently offering no-brainer bets. For a stretch, it felt like there was free money being handed out every other day.

Although they didn’t completely vanish in October, those did slow down. There were still many generous odds boosts and other bonuses, but not as many, like Bears + 105s or & rdquo.

More casino income is advantageous for Illinois

The state of Illinois must be happy with the October figures because revenue statistics are a percentage of revenue, no control.

The most money Illinois had actually added to its coffers from sports betting before October was$ 1.2 million in August.

In October, sports betting brought inside$ 6.8 million in tax income for the position, breaking a six-fold past history.

From these, the dart is also pointing upward.

Despite October & rsquo’s unusually high hold percentage, handle growth in the Land of Lincoln should continue. Sportsbooks and tax income should follow suit.

There are only five online sportsbooks in Illinois right now, a number that should expand to at least eight in 2021.

The December earnings report won’t be available until February, but sportsbooks anticipate a significant month in 2020.

The NFL, college football and college basketball are in full swing, while the NBA is also kicking off its season.

Operators have long given the Illinois business top priority. It’s simple to understand why after looking at the October revenue report, it & rsquo.