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Chicago Sky forward Angel Reese drives to the basket as we look at Illinois sports betting financials for May 2024
Chicago Sky forward Angel Reese drives to the basket against the Indiana Fever during the second half of a basketball game at Wintrust Arena. Photo by: Kamil Krzaczynski/USA TODAY Sports.

Illinois has released its sports betting financials for May 2024, and it was another strong month for best sports betting sites operating in the Land of Lincoln.

The Illinois Gaming Board monthly sports wagering report shows that the state’s eight licensed sportsbooks combined to collect $1.02 billion in wagers in May, marking the ninth consecutive month that the Illinois sports betting handle has topped $1 billion. 

Second in the nation

This figure places Illinois second in the nation for sports betting handle during May, trailing only New York, which reported $1.98 billion in wagers. Handle collected in Illinois during the first five months of 2024 now stands at $5.74 billion, which is a 21.2% increase compared with the same period last year. Illinois sports betting apps and retail locations are having a banner year.

The report also revealed that statewide Adjusted Gross Revenue (AGR) reached $100.9 million for the month, up 13.3% compared to last May. Of this total, $98.1 million came from online wagering, while in-person wagering accounted for the remaining $2.8 million.  

The operators

FanDuel continued to lead with $30.1 million in revenue, followed by DraftKings, which generated $29.8 million. BetRivers finished in third place, reporting $3.1 million in revenue. All three offer attractive Illinois sportsbook promos.  

Based on the current 15% tax rate, Illinois sportsbooks generated $16.3 million in taxes for the state in May, made of $15.8 million and $0.5 million from online and in-person wagers, respectively. 

However, all is set to change with the new sports betting tax rates that took effect on July 1, 2024. Under the new policy, operators will be taxed between 20% and 40% based on their AGR during the fiscal year. Larger operators like FanDuel and DraftKings could see their tax rates rise to 40%, increasing the taxes they owe by more than double.