Illinois Knocks Off New Jersey as the Second-Best Sports Betting Market in April

Illinois’ top sports betting sites and retail providers have surpassed $1 billion in wagering activity for the eighth consecutive month. This achievement solidifies Illinois as the second most successful sports betting jurisdiction in the country, following New York.

The Illinois sports betting scene has reached at least $1 billion in monthly handle 13 times, according to the Illinois Gaming Board’s April revenue report. In addition, April marked Illinois as the fourth state to surpass $35 billion in lifetime revenue, following New Jersey, New York, and Nevada.

In April, revenues for Illinois sports betting apps were solid, along with the tax contributions from the industry. However, operators will soon see a decrease in the amount of revenue they get to keep, as the progressive tax rate structure is set to take effect on July 1. Starting then, Illinois’ tax rate will increase from 15% to a minimum of 20%, with the possibility of further increases based on a sportsbook’s profits.

The tax rates for the two major betting companies in the state, FanDuel and DraftKings, will increase dramatically from 15% to 40%.

$1.1 billion April handle

In April, Illinois’ top sportsbooks collected a total of $1.1 billion in bets, ranking as the second highest in the country. Despite a 12.7% decrease from March’s $1.26 billion, this figure marks a significant 22.8% increase from the previous year’s total of nearly $898.6 million in April 2023.

Incorporating April’s figures, Illinois sports bettors have contributed $4.7 billion to the state’s sports betting apps and retail providers in the current year. This trend suggests Illinois is headed towards a $14 billion handle by 2024, as residents consistently make use of Illinois sportsbook promotions.

$92 million in adjusted revenue

Illinois sportsbooks have reported nearly $92 million in adjusted gross sports betting revenue for April, marking a slight 2.7% increase from the same period in 2023 when the handle was over $200 million lower. However, there was a month-over-month drop of almost $11 million, or 7.5%, from the previous month’s total of just over $103.8 million in March.

In April, the win rate for Illinois’ top sportsbooks was 8.3%, slightly higher than the 8.2% seen in March but lower than the just under 10% win rate in April 2023.

In April, Illinois sports betting apps and retail providers paid a combined total of $13.8 million in taxes, bringing the year-to-date total to $61.5 million. This year’s tax contributions surpass last year’s first four months by $8.9 million.

The implementation of the progressive tax rate in July is expected to significantly increase contributions from state providers, surpassing the tax payments made in April.

Split decision in handle/revenue race

In April, DraftKings Illinois emerged victorious in the handle battle, while FanDuel Illinois took the top spot for revenues. To explore these platforms further, make sure to use our DraftKings promo code and FanDuel promo code.

In April, FanDuel led the way as the highest revenue-generating sportsbook in Illinois, accounting for $386.9 million of the state’s total handle. With an 11.3% hold, it generated $43.8 million in revenues.

In April, DraftKings led the Illinois market by accepting $400.3 million in bets, generating $27.9 million in revenue with a hold of just under 7%.

In April, BetRivers ranked third in both total bets placed and revenue generated in Illinois. The sportsbook accepted $71.5 million in wagers and earned $5.4 million in winnings, with a hold percentage of 7.6%.

The race for fourth place in revenue was tight, with ESPN BET Illinois edging out BetMGM Illinois with $3.7 million in winnings. Fanatics followed closely behind with $3.6 million in revenue in the Illinois market for the month of April.

In April, Caesars Illinois generated profits of $2.2 million, compared to Circa Sports Illinois which reported profits of just $22,842.

Parlays behind majority of revenue

Parlay wagers continue to be a significant contributor to overall wagering handle and monthly revenues in most U.S. legal sports betting states.

In April, multi-leg wagers accounted for $307.4 million, representing approximately 27.8% of the state’s total betting activity. These bets were also responsible for generating 68.2% of the revenue during that period.

Parlays are expected to push FanDuel and DraftKings into higher tax brackets, with FanDuel potentially reaching the 35% bracket due to $133.1 million in April winnings from parlays, and DraftKings landing in the 30% bracket with $80.6 million in earnings.