The 19% decline in sports betting handle wasn’t nearly as bad for the state’s bookmakers as their 43% dip in revenue was. Online Illinois sportsbooks reported a drastic decline of $52.2 million in revenue, but the Prairie State bookies still rank third in the nation behind New York and Ohio.
DraftKings Takes July Betting Handle Honors
The Boston-based bookmaker won the battle of the sportsbook giants with a $232.6 million handle, taking in $10.3 million more in June wagers than rival FanDuel. While DraftKings did win their battle of the betting handle, they earned nearly $5 million less than their New York City-based competitor.
BetRivers finished a solid No. 3, with $60.6 million in handle while reporting $5.3 million in revenue. BetRivers recorded a June win rate of 8.8% and contributed $930,810 in taxes to benefit Illinois residents.
Caesars continues to be a leader in the state, handling the 4th most wagers but 5th behind BetMGM in revenue. Caesars reports the lowest win rate in the state (5.4%), generating the 5th most tax dollars for the Prairie State.
PointsBet, which is soon to become Fanatics, handled the 5th most wagers while earning the 6th most revenue. PointsBet customers won at the second highest rate in Illinois, and the Australian-based bookmaker was taxed $408,962 for operating in the state.
ESPN Bet and Circa Could Make Things Interesting
Illinois is 4th overall post-PASPA in betting handle through June 2023. The June decline didn’t do much to change this, but some sportsbook companies rebranding their products might change the sports betting landscape for the better.
Penn Entertainments’ recent decision to end its relationship with Barstool Sports and rebrand under the name ESPN Bets could shake up the rankings. Barstool doesn’t have the universal appeal of ESPN, and that new rebrand could land Penn Entertainment a top-five spot in the state.
Fanatics acquired PointsBet earlier this year, and that rebrand could occur by the year’s end. Fanatics is a new player in the sports betting world, but the sportswear giant has a vast database and, combined with PointsBet, could prove a formidable combination.
The much-anticipated entrance of Circa Sports in mid-September could be an additional shot in the arm to get Illinois over the top. Circa is one of the nation’s most respected sports betting brands and will become the state’s first “sharp” book.
With these new additions and the upcoming football season, things are looking good for Illinois sports betting apps. The competition will become fiercer, and that should benefit Illinois sports bettors.
