Illinois Poised for Second-Highest February Gaming Revenue with Estimated $875.4 Million
In the world of sports wagering, Illinois continues to hold its ground among the leading states in the post-PASPA era. February saw the state's handle reach $875.4 million, potentially reclaiming the No. 2 spot nationally, just behind New York [1].
Tennis emerged as the second-highest revenue generator in February, with a handle of $4.9 million [2]. Soccer and hockey also recorded seven-figure revenue totals, albeit with sub-4% holds [2]. Basketball, on the other hand, took the top spot with a revenue of $11.9 million [2].
PointsBet claimed the second-highest mobile hold at 8.2%, resulting in a revenue of $4.2 million [2]. BetMGM was fifth in revenue with $2.4 million [2]. FanDuel St. Louis at Fairmount Park seized the top spot for revenue with a 29.9% win rate on nearly $2 million in wagers [2].
Compared to other top states like New York, New Jersey, Ohio, Arizona, and Pennsylvania, Illinois has shown remarkable growth since launching sports betting retail in mid-2019 and online in mid-2020 [3][5]. The state's handle is projected to exceed $14 billion in 2024, positioning it within the leading group of states in terms of betting volume.
Illinois became the fifth state to surpass $20 billion handle in the post-PASPA era [1]. Despite a decline in February compared to January, the state's handle was still 28.9% higher compared to February 2022 [1].
Notably, Barstool fended off Caesars for sixth place by just over $135,000 [2]. Barstool's traditional February handle was a declining 36.8% year-over-year [2]. BetRivers had a 12.7% hold on $18.8 million, generating $2.4 million in revenue [2].
Interestingly, Ohio cleared a significant $1.1 billion handle in its January launch, but this figure was aided by promotional credits [1]. Illinois finished third in sports wagering handle throughout the final quarter of 2022 [1].
With a handle of $77.8 million, tennis handle was more than seven times the handle from boxing and mixed martial arts [2]. Ohio's sports wagering handle for February has yet to be reported [1].
References:
- Illinois Gaming Board
- American Gaming Association
- Illinois Policy
- PlayIllinois
- Legal Sports Report
- In Illinois' thriving casino-and-gambling scene, sports wagering plays a significant role in the finance sector, with sports bets making up a substantial portion of the state's revenue.
- FanDuel St. Louis at Fairmount Park, a leading casino in the state, utilized its expertise in parlay betting to claim the top spot for revenue in basketball wagers, generating millions from bettors.
- As Illinois continues to dominate the sports wagering market post-PASPA, the state is poised to extend its lead, with projections indicating a line of $14 billion in sports wagers by 2024, placing it among the top states in betting volume.
