HomeIllinois Sports Betting NewsIllinois Sports Betting Hits Historic $1 Billion Revenue in 2023

Illinois Sports Betting Hits Historic $1 Billion Revenue in 2023

In a landmark achievement for the state's gambling industry, Illinois sportsbooks have officially surpassed $1 billion in revenue for the year 2023, marking a significant milestone that places the state among the elite in the U.S. sports betting market.

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This achievement was bolstered by a record-breaking December, which saw adjusted gross sports betting revenue reach an all-time high of $128.4 million, according to the Illinois Gaming Board.

The surge in December revenue was instrumental in pushing Illinois into the exclusive club of states with over $1 billion in annual sportsbook operator winnings, joining the ranks of New York and New Jersey. This remarkable growth represents a 26.1% increase from the $795 million generated in 2022, showcasing the booming popularity and profitability of sports betting in the Land of Lincoln.

Illinois sportsbooks achieved this feat with a statewide hold of close to 9.8% in December, finishing the year with an average hold slightly above 8.6%. This performance not only highlights the state’s robust betting market but also its efficiency in capitalizing on sports wagering activities.

Illinois Joins Elite Billion-Dollar Revenue Club

The state also celebrated surpassing $30 billion in all-time handles, a testament to the vibrant sports betting ecosystem that has developed in Illinois. This milestone was reached in just 44 months, with Illinois becoming the fourth state to achieve this feat, following New Jersey, Nevada, and New York.

December’s sports wagering activity saw Illinois’ top sports betting sites and retail sportsbooks accept $1.31 billion in bets, marking the second-best sports betting month ever for the state. This pushed the yearlong handle to $11.61 billion, up 19.2% from 2022, further evidencing the growing enthusiasm for sports betting among Illinois residents.

Boosting State Revenue and Shaping a Competitive Market Landscape

The state’s sportsbooks not only set records for revenue but also contributed significantly to the state and local coffers, with almost $19.3 million worth of tax receipts in December alone, pushing the full-year total above $150 million. This financial boon benefits various state-funded programs and initiatives, highlighting the positive economic impact of sports betting.

Among the operators, ESPN Bet Illinois emerged as a notable player in the market, finishing third among mobile sports betting apps in December with $96.5 million in traditional handle.

FanDuel and DraftKings continued to dominate the market, with FanDuel becoming the first Illinois mobile book to surpass $50 million in monthly revenue, showcasing the competitive and dynamic nature of the state’s sports betting landscape.