February Proves to be Illinois Worst Sports Betting Month Since August

Sports betting activity in Illinois saw a significant decrease from January to February, however, it still showed a substantial increase compared to February 2023. It wasn’t all negative news for our top sports betting sites.

Illinois sports betting apps and retail providers have exceeded the $1 billion mark for the sixth consecutive month in February. However, February’s total was the lowest since August.

March is expected to be a significant month due to the presence of the NCAA Men’s and Women’s Basketball tournaments available for wagering.

Illinois sportsbooks came close to surpassing New Jersey sports betting apps as the second most successful jurisdiction in the country, despite experiencing a significant drop in handle in February.

$1.07 billion February handle

In February, Illinois sports betting saw a total of $1.07 billion in wagers, marking the sixth consecutive month of $1 billion handles for the state.

The $1.07 billion represents a significant 22.3% increase compared to the approximately $875.4 million in February 2023. However, it also indicates a decrease of over $200 million from the $1.286 billion handle in January.

$83.5 million in adjusted gross revenue

In February, Illinois sportsbooks recorded a 7.8% win rate, generating $83.5 million in adjusted gross sports betting revenue. This marked a significant decrease from January and the preceding four months, where sports betting apps in Illinois brought in $129.5 million in revenue with a 10.1% hold.

Yet, the $83.5 million represents a 22.1% increase from the previous month’s revenue of nearly $63.3 million in February 2023.

Illinois’ top sportsbooks paid a total of $12.5 million in taxes, with local tax revenue amounting to nearly $923,000.

Football bad for Illinois sportsbooks

In February, Illinois bettors outperformed Illinois sports betting apps, particularly in football wagers. The Illinois Gaming Board reported that state sportsbooks had a -3.4% hold on football bets. Operators in Illinois paid out nearly $2.4 million in football winnings from a total handle of $69.1 million. Residents took full advantage of Illinois sportsbook promotions, making a significant impact on the sportsbooks during the month.

FanDuel Illinois suffered a significant loss of almost $3.8 million on $18.8 million in accepted wagers, whereas DraftKings Illinois managed to come out ahead by $1.2 million on $28.4 million in football wagers.

Caesars underscoreg Illinois also lost more than $500,000 on $3.4 million in football bets.

Parlays have been a great success for Illinois sportsbooks. In February, 64.4% of sportsbook revenues came from parlay winnings. FanDuel was particularly successful, earning $27 million from parlays in the month, thanks to a 20.8% hold on multi-leg wagers.

In February, basketball proved to be a saving grace for Illinois sportsbooks, generating an impressive $13.7 million in revenue from a $457 million handle. Following closely behind was tennis, with a $92.3 million handle and $5.6 million in revenue, making it the second-most bet on sport in Illinois.