Illinois Produces Strong Sports Betting Month in May
It generally takes a while for the Illinois Gaming Board monthly revenue report, but the wait has become worth it.
During a period that is generally characterized by sharp sports betting drop-offs, Illinois sports betting continued to perform admirably during the month of May.
While expected month-over-month drops in both handle and sports betting apps were reported in Illinois, year-over-year wagering activity showed marked increases. It is the reason that the Land of Lincoln has become an automatic top-three sports betting state in the nation, with little reason to think that their standing will slide anytime soon.
Getting into Illinois' May numbers
Sports betting in Illinois reported an impressive $821.7 million in May, which is the second highest total for any state during that month, behind only New York's $1.36 billion and ahead of New Jersey's $778.9 million.
The $821.7 million is an 8.5% drop from the $898.6 million taken in by the state's sports betting providers in April and a sizable drop from the record $1.072 billion the state's providers reported in March.
The good news out of the Illinois May earnings report is a year-over-year increase in Illinois legal sports betting. $764.5 million was bet in the Land of Lincoln in May 2022, 7.5% less than in May 2023.
Revenues also second highest
The best sportsbooks reported $91.6 million in revenues in May, which also checks in as the second highest in the country for the month. New York of course was first with $152.6 million in revenues, and New Jersey was third with $82 million.
$91.6 million is just over $10 million higher than the $81.3 million in April. This is largely due to the state-record 10.8% hold rate for sports betting sites. By comparison, the hold rate for April was 9.0%
Year-over-year, revenue totals rose 32% from the $65.2 million in profits reported in May 2022, when books in the state held 8.5%
Taxes collected from Illinois sportsbooks came in at $14.4 million in May, which ranks third in the nation behind New York's $77.5 million and Pennsylvania's $14.8 million.
Taxes paid in May were about the same as in April but a huge year-over-year improvement from the $10.8 million from May 2022.
April's tax contributions from their legal sports betting industry helped the Land of Lincoln top $300 million in lifetime tax revenue. Since March 2020 when sports betting was legalized in Illinois, just over $303 million has been collected from legal sports betting providers.
Year-to-date numbers put Illinois in elite class
Illinois continues to be one of the most reliable sports betting states in the nation. May's handle, revenue, and tax figures all landed the Land of Lincoln in the top-three sports betting states in the nation.
Illinois sportsbooks rank second in year-to-date handle with slightly over $4.7 billion in bets taken in, behind New York's $8 billion and ahead of New Jersey's $4.6 billion.
The Land of Lincoln also ranks third in revenues for the first five months of 2023 with $432 million. Only New York's $714 million and Ohio's $509 million are higher.
As far as taxes paid, Illinois is third through the first five months of this year. Sportsbooks there have paid $70.8 million to needy state and local tax coffers so far this year. Only New York's $363 million and Pennsylvania’s $76 million are higher.
Remember to keep track of Illinois sportsbook promos throughout the summer.
FanDuel and DraftKings lead the way
Unsurprisingly, FanDuel and DraftKings were the most successful Illinois sports betting apps in May.
FanDuel Illinois came out on top with $288 million in bets and $36.1 million in revenues off of a 12.5% hold. DraftKings Illinois generated $255.7 million in bets in May and $25.5 million in profits off of a 9.7% hold.
BetRivers came out on top of the battle for the final podium spot in the Illinois May earnings race. BetRivers took in $66.7 million with Caesars generating $63 million and BetMGM rounding out the top-five with $48.1 million.
