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Illinois passes $1 billion in sports betting handle for ninth straight month
Illinois has an incredibly strong sports betting market. In 2023 they ranked behind only New York and New Jersey in total sports betting handle.
There was little doubt that sports betting would be a massive success in Illinois. It’s the sixth-largest state in the country based on population. The Cubs, White Sox, Bears, Blackhawks and Bulls are all part of the state’s identity. The Midwest loves its sports, and Illinois is a shining example of that.
With May’s online sports betting totals reported, Illinois has added yet another month with more than $1 billion in sports betting handle to their ledger. This is the ninth straight month in which the state has eclipsed that mark. To highlight the achievement, Illinois is just one of five states to ever reach the $1 billion monthly handle milestone. The others include New Jersey, New York, Nevada and Ohio.
Illinois sports betting totals
Illinois reported a sports betting handle of $1,015,279,112 for the month of May. That number is down from $1.1 billion in April. The state’s all-time high betting handle was in November of 2023, when the books brought in nearly $1.4 billion in sports bets.
A look at 2023 as a whole will highlight just how much of a powerhouse Illinois is in the sports betting market. The state brought in $11.6 billion in sports betting handle for the year. That’s the third highest number in the country behind New York ($19.2 billion) and New Jersey ($11.97 billion).
DraftKings took in the majority of the betting dollars among Illinois sportsbooks in May. It processed $386.4 million during the month alone. FanDuel was right behind, accepting $340.1 million for the month. The gap to No. 3 is shockingly wide, as the third-highest betting handle came at BetRivers, who accepted just about $66 million in total handle.
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Will the new tax rate impact betting?
The sports betting industry has been a booming success in Illinois. In fact, it has been so successful that the state government apparently realized they were leaving too much money in the pockets of sportsbook operators. As a result, Illinois made some changes to its tax rates for sports betting operators.
Operators like DraftKings and FanDuel will now be taxed at 40% of their revenue, which is up from the 15% rate they were taxed up until this point. Obviously, with their tax rate more than doubling, there is concern as to how these operators will react.
One concern is that there may be a dry spell in terms of promotions and offers for Illinois bettors. Sign-up offers and daily boosts might not be as lucrative or readily available as they have been for the past few years.
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Can Illinois survive the summer doldrums?
The last time Illinois failed to reach $1 billion in sports betting handle was back in August of 2023. Of course, we know that was in the heart of the summer, before football returned.
As we’ve noted, sports betting takes a bit of a break in the summer months. There is no NFL, college football, college basketball, NBA or NHL to bet on. Instead, we focus on baseball. Sports like golf and tennis don’t generate much in terms of betting handle.
Illinois is likely to see a decline in betting handle over the next few months, especially with the Cubs and White Sox both not being especially competitive this season. The $1 billion betting handle streak may come to an end in one of the following months.
Illinois bettors are excited about the Bears and No. 1 overall pick Caleb Williams for the upcoming NFL season. With a fanbase this passionate, they’re raring to have a good team to root for. They’ll likely be back to betting billions in no time.