Despite Lower Sports Betting Handle, High Hold Keeps Illinois Profits Rolling in for May

Despite a drop in total sports betting handle, Illinois operators got in on a strong month for sportsbooks in May with its best-ever win rate.

Land of Lincoln legal sports betting operators got in on a strong month for sportsbooks in May with its best-ever win rate. 

The Illinois Gaming Board reported online and retail monthly revenue of $89.1 million on a handle of $821.7 million to record a record 10.8% hold. 

The handle dropped 8.6% month-over-month in May but was 7.5% higher than in 2022. Revenue remained nearly the same compared to April, but profits rose 32% year-over-year.

With a handle of $183.6 million, basketball beat out baseball, which accepted $179.5 million in wagers, in May. 

Illinois sports betting operators turned over a combined $14.5 million in taxes, with $13.4 million going to the state while Cook County received $991,805 on $47.9 million in wagers in the Chicago area. 

FanDuel, PointsBet produce holds over 12%

Online sports betting sites made up 97% of the May handle and nearly $86 million of the revenue while brick-and-mortar sportsbooks hit big with a 13.3% win rate to claim over $3 million in profits.

Illinois sports bettors struggled against FanDuel, which ate up $288 million of the mobile handle and $36.1 million of the profits, the best in Illinois for the month. The 12.5% hold ranked second behind PointsBet, which got its win rate up to 12.8% on a handle of $42.5 million for the second consecutive month over an 11% hold.  

DraftKings took in the second-most wagers with $255.7 million, and a 10% hold produced $25 million in profits. BetRivers enjoyed a solid month with an 11.6% win rate on a handle of $66.7 million to make $7.7 million in revenue, third-best in the state. Caesars ranked fourth in handle at $64 million, but a 5.9% hold produced $3.8 million of revenue.