When you sign-up through links on our site, we may earn an affiliate commission. Learn more >

Illinois Becomes Third US State to Top $2 Billion in Gross Revenue

Written by: Michael Savio
Published September 21, 2023
6 min read
Illinois Becomes Third US State in Gross Revenue

The Illinois sports betting market joined some elite company this week when it surpassed $2 billion in gross revenue since its launch in March 2020. Gross revenue is the amount operators have left over after paying out all winning or refunded bets. It can vary significantly from the amount of wagers placed, depending on how often bettors are winning their wagers. 

They join New York and New Jersey as the only two states to pass the milestone, showing how large the industry has become in the Land of Lincoln. The impressive achievement was reached largely thanks to Illinois seeing $1 billion in gross revenue in 2021. They also managed to have $60.4 million in July, a surprising mark considering the NFL had yet to start.

While the revenue and handle were significant in July, the statewide hold was down at 9.9%, putting them in the bottom seven states with legal sports betting. The hold refers to how much sportsbooks hold back for tax purposes. That money is set aside each month and is not supposed to be used to pay out winning bets or other expenses. That could be an issue in the coming months, as that affects how much money the state is seeing.

Fanduel & DraftKings Continues to Lead Industry

DraftKings posted the biggest handle in July at $229.9 million, while FanDuel was close behind at $200.2 million. FanDuel did have the largest hold percentage at 12%. BetRivers finished in a distant third with a $52.2 million handle that month, followed by Caesars at $33.2 million.

Illinois’s sports betting market share is similar to those in other states. FanDuel is currently the largest sportsbook in the US, with DraftKings trailing close behind. After that, there is a massive dropoff with BetMGM and Caesars in third and fourth. This trend has caused several sportsbooks to exit the US market, leading to more wagers for the two industry giants. 

Image for Michael Savio

AUTHOR

Michael Savio

477 Articles

Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.

More info on Michael Savio
We've been featured on:
espn logo
reuters logo
cbs-news logo
forbes logo
entrepreneur logo
entrepreneur logo
We only list licensed sportsbooks
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork

© Rebel Penguin ApS 2024 (a subsidiary of Gaming Innovation Group Inc.)

We support responsible gambling. 21+ Only. Gambling problem? Call 1-800-Gambler.

WSN.com is run by iGaming Cloud Inc (a Gaming Innovation Group Subsidiary) and is registered with the New Jersey Division of Gaming Enforcement (DGE) under affiliate vendor ID 89744, with the Indiana Gaming Commission (IGC) under certificate of registration number SWR-000148, approved by the Pennsylvania Gaming Control Board as a gaming service provider, under certificate registration number 117656-1, possesses a Vendor Minor sports betting license from the Colorado Limited Gaming Control Commission (account number 94414163), granted a vendor registration number VR007603-20-001 by the Michigan Gaming Control Board, an interim Sports Wagering Supplier license, under license number SWS 066, issued by the West Virginia Lottery Commission, a sports betting vendor registration, under registration number #100400, issued by the Director of Gaming Licensing and Investigations of the Virginia Lottery to operate in the State of Virginia, and a Vendor Registration issued by the Sports Wagering Committee of the Tennessee Education Lottery Corporation.

Advertising disclosure: WSN contains links to online retailers on its website. When people click on our affiliate links and make purchases, WSN earns a commission from our partners, including ESPN and various sportsbooks.