October a Big Month for Illinois Sports Betting
The Illinois Gaming Board has finally released the October sports betting numbers, and it was another record-setting month for the state.
The total from Illinois also pushed the entire US sports betting industry over the $3.25 billion mark for the first time ever.
Total sports betting handle in October came in at $434 million, which is a 42 percent increase from the November figures. Illinois was expected to become a leader in the US industry, but these are impressive numbers achieved in just a few short months.
Sportsbooks brought in more than $42 million in revenue during October, in part thanks to a hold rate that is near 10%. The state of Illinois was able to collect more than $6.3 million in tax revenue, and this is important for a state that is staring at a massive budget deficit.
IL Sports betting officially launched on March 9 in the state of Illinois, and this state has already become the fourth highest market in the industry. Illinois trails only New Jersey, Nevada, and Pennsylvania, but it is closing the gap quickly to move up into third place.
Mobile betting accounted for more than 90 percent of the betting handle in October, even though retail sportsbooks were available during this month. Remote registration was allowed during October, which was a big reason for the success of online sportsbooks.
There were 11.7 million bets placed during October, and nearly 40 percent of these wagers were on football. Football bets accounted for 4.65 million wagers, while parlay wagers accounted for 3.5 million.
The Midwest portion of the United States has seen tremendous growth in the sports betting industry over the last 12 months, but Illinois has not taken away from other states. Indiana also set a new sports betting handle record in October despite competing with Illinois for customers in the Chicagoland area.
DraftKings Leading the Way
DraftKings Sportsbook brought in more than $138 million in mobile handle during the month of October. DraftKings is partnered with the Casino Queen in East St. Louis, and this should also be a leader in retail sports betting as well.
DraftKings was next on the list with over $105 million in mobile handle, followed by BetRivers at $101.5 million. BetRivers was the first online sportsbook in Illinois, and that operator did post a revenue of more than $12.9 million to lead all of the markets.
PointsBet ($60.2 million) and William Hill ($4.27) were the two other online sportsbooks that were up and running during October. PointsBet and William Hill were the last two online sportsbooks to launch, and these two operators are trying to catch up to the clear leaders in terms of sports betting handle.
Illinois will head into 2021 with just five available online sportsbooks, but that number is expected to grow in the next 12 months. The Illinois Gaming Board continues to receive applications, and they will likely approve new operators in the next few weeks.
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