Illinois ranks 5th in the nation post-PASPA in sports betting handle, and the amount of money already wagered since the PASPA ruling is mind-boggling. What can Prairie State sportsbook operators and tax collectors expect in the coming months?
How Illinois Ranks Nationally Post-PASPA Betting Handle
In sports betting, “handle” is the total amount of money wagered on a sporting event or series of events. The handle determines the total amount of money bet, and bookmakers and sportsbooks often use these numbers to decide their overall revenue or margin of profit.
According to IL Betting, Illinois sports betting sites have been accepting wagers since March 2020, and in that short time, Prairie State players staked $18.5 Billion in bets.
| State | Handle | Revenue | Hold | Tax Revenue |
|---|---|---|---|---|
| New Jersey | $34.8 Billion | $2.4 Billion | 7.0% | $309.4 Million |
| Nevada | $30.4 Billion | $1.7 Billion | 5.6% | $116.6 Million |
| New York | $19.9 Billion | $1.6 Billion | 8.4% | $826.9 Million |
| Pennslyvania | $19.6 Billion | $1.5 Billion | 7.9% | $380.4 Million |
| Illinois | $18.5 Billion | $1.4 Billion | 7.7% | $232.6 Million |
Illinois Betting Companies Generate Tax Revenue
The Illinois Gaming Board requires a 15% tax (Cook County companies pay an extra 2%). Illinois became the third state, along with Pennsylvania and New Jersey, to surpass $100 million ($232,615,020) in tax receipts from sports betting in the post-PASPA era dating to 2018.
Most Robust Illinois Sports Betting Markets
Illinois sports bettors chose basketball as their favorite sport in January. Still, players like to bet on the Chicago Bears and Chicago Blackhawks, and international events such as the World Cup and Grand Slam tennis tournaments are also widely invested markets.
| Sport | Handle |
|---|---|
| Basketball | $4,565,051.00 |
| Football | $4,482,799.00 |
| Tennis | $765,417.00 |
| Soccer | $623,578.00 |
| Hockey | $588,589.00 |
Astounding Parlay Hold Rates
Parlays continued to drive the revenue for the Illinois sportsbook operators as most of their January handle and revenue comes from these high-risk, high-reward markets.
| Sportsbook | Handle | Revenue | Hold Rate |
|---|---|---|---|
| FanDuel | $134.58 Million | $28.91 Million | 21.48% |
| DraftKings | $88.77 Million | $13.26 Million | 14.94% |
| BetRivers | $24.46 Million | $3.54 Million | 14.47% |
| PointsBet | $16.9 Million | $3.28 Million | 19.4% |
| BetMGM | $10.92 Million | $1.09 Million | 10.00% |
Upcoming Illinois Sports Events
In January, the seven online and retail Illinois sportsbook companies took over $1 billion in betting handle. These upcoming sporting events could help the oddsmakers generate higher revenue and tax dollars.
- MLB Opening Day and 2023 Season (March 30-Oct 4)
- Masters Golf (April 6-9)
- NBA Playoffs (April 11-June 18)
- NFL Draft (April 27-29)
- NHL Playoffs (April 15-June 10)
- French Open (May 28-June 11)
- College World Series (June 16-26)
