Illinois Underscoregs Set Monthly Revenue Record for Second Straight Time in January 2024

The long-awaited Illinois Gaming Board monthly revenue report for January was finally published last Wednesday, showing the Land of Lincoln achieving $1 billion handles for the fifth consecutive month. Additionally, providers in the state saw record revenues for the second month in a row, indicating a strong start to 2024 for our top sports betting sites.

In January, Illinois ranked third in the nation for sports betting handle. New York and New Jersey took the top spots with $1.97 billion and $1.72 billion respectively, surpassing Pennsylvania and Ohio for third place.

In January, Illinois sports betting apps and retail providers experienced a slight decrease in month-over-month activity. However, revenues reached a record high due to the public’s continued support for state providers.

In January, FanDuel, Parlays, and football dominated their categories in the Illinois market.

$1.29 billion January handle

In January, sports bettors in Illinois wagered a total of $1.29 billion at sports betting sites and retail outlets, ending a two-month streak of $1.3 billion monthly handles. This amount was approximately 2.1% lower than the $1.31 billion handle reported in December.

The $1.29 billion figure represents a year-over-year increase of $220 million or 16.8% compared to the $1.07 billion handle from January 2023.

The top sportsbooks in Illinois have now reached a record-breaking streak of five consecutive months with over $1 billion in monthly handles. It is expected that residents will continue to make the most of the promotions offered by Illinois sportsbooks.

$135.2 million in adjusted gross sports betting revenue

Illinois sportsbooks saw a boost in January, bringing in $135.2 million in adjusted gross sports betting revenue. This set a new record for the state, marking the second consecutive month of reaching an all-time high in monthly revenues.

The revenue of $135.2 million marks a 5.3% increase from the previous record of $128.4 million in December, and a significant improvement of nearly $57 million from the $88.55 million reported in January 2023.

In three out of the past four months, Illinois sportsbook revenues have exceeded $100 million, with January being the most recent example.

In January, Illinois sports betting apps brought in $131.6 million in revenue, significantly surpassing the $3.6 million generated by retail sports betting.

Second highest hold rate ever leads to generous tax contribution

Illinois sportsbooks saw a boost in profits thanks to the second-highest hold ever recorded in the state’s 45 months of operation. The unexpected upsets in the NFL playoffs likely played a role in the impressive 10.5% statewide win rate for Illinois sportsbooks, which is the second highest ever, only slightly lower than the record set in May 2023 at 10.8%.

Illinois saw a record-breaking influx of over $20 million in tax revenue for the first time in a single month, thanks to the combination of high revenues and a high hold rate. The state’s tax coffers received a total of $20.3 million in January.

Parlay power

It came as no shock that football dominated the betting scene in January. Thanks to some shocking upsets in the NFL playoffs, revenue from parlay bets reached record levels.

The public had a tough time with parlays against Illinois sports betting sites in January. Illinois’ top sportsbooks had a impressive 24% hold on parlay wagers that month, the second highest in state history behind only November 2021’s 26.6% hold.

In January, multi-leg wagers generated a record-breaking $86.7 million in revenue for Illinois sportsbooks, accounting for approximately 64% of the state’s total gross gaming revenue for the month.