The Land of Lincoln kept its billion-dollar handle streak alive in May, but just barely.
The Illinois Gaming Board reported that $1.02 billion was wagered in May, putting the year-to-date handle at more than $5 billion.
Nine consecutive months of at least a billion dollars is the longest run since online sports betting launched four years ago. May’s handle was up 23.7% from the same month in 2023.
A healthy 9.9% hold for online and retail sportsbooks led to revenue of $100.9 million, the fifth largest of all time. Profits rose 13.3% year-over-year and 9.7% month-over-month.
The Land of Lincoln operators also surpassed $500 million in revenue for the year.
Mobile sports betting made up nearly 93% of the total handle and $98.1 million of the revenue. Retail rallied for a 9.6% hold a month after the win rate fell below 3%.
Playoff profits
It’s no surprise that basketball and baseball dominated May wagering in Illinois. With the NBA playoffs going strong that month, sportsbooks took an individual-sport best $259.5 million in bets and made $12.2 million of revenue off basketball.
With the MLB in full swing, baseball brought in $11.9 million of profits on a handle of $221.6 million for a better win rate of 5.4%.
Tennis was third in handle with $85.9 million wagered, while the NHL playoffs helped operators produce a 6.8% hold on a $42.6 million handle in May.
Parlays produced a 21% hold for Illinois sportsbooks and more than $56 million in revenue on a handle of $271.8 million.
FanDuel flourishes
| Operator | May Handle | May Revenue |
|---|---|---|
| DraftKings | $380 million | $29.8 million |
| FanDuel | $339.7 million | $42.9 million |
| BetRivers | $66.2 million | $6.5 million |
| ESPN BET | $50.1 million | $4.7 million |
| Fanatics | $47.9 million | $6.5 million |
| BetMGM | $45.5 million | $3.6 million |
DraftKings topped the handle chart for the fourth consecutive month in Illinois with $380 million wagered in May. The $29.8 million revenue on a hold of just less than 8% was up nearly $2 million from April.
Thanks to a 12.7% hold, FanDuel had the strongest month in terms of revenue, reaching nearly $43 million on a handle of $40 million less than DraftKings'. FanDuel has surpassed $200 million in revenue year-to-date and is closing in on $2 billion in wagers.
BetRivers held down the third spot again with a handle of $66.2 million while ESPN BET, the only other operator with a handle of more than $50 million, produced a 9.3% handle. The book moved above BetMGM after its handle fell 17% month-over-month.
Fanatics enjoyed a 13.8% hold on a $47.9 million handle. Caesars fell out of the top six after generating $41.7 million in the amount wagered.
Tax time
Illinois sports betting operators sent $15.1 million in taxes to the state. Cook County hauled in nearly $1.1 million for its share of the sports betting revenue in the Chicago area.
There’s only one month left before sportsbooks in the Land of Lincoln begin reporting figures within a new tax structure. The 15% rate ended in June, and a progressive structure that begins at 20% and scales as high as 40% based on the amount of revenue went into place on July 1.
