Illinois Sets New High for Sports Betting Handle in March
Illinois topped $1 billion in sports wagering handle for the fifth time last month, setting a new state record of $1.07 billion in March. This is a 22.5% increase compared to February and a mere $2.7 million above January's total, placing Illinois in third place for the most occasions any state has surpassed the $1 billion mark, behind New York and New Jersey.
Operators saw a bountiful month, with gross revenue of $97.2 million - the second-highest total in state history. Although this is impressive, it's important to note that much of it is eligible to be taxed, yielding $14.6 million in receipts for March.
Caesars Sportsbook, which previously struggled during the pandemic, has found its footing and set a record handle of $78.5 million in March. It was the second-highest handle of any operator in state history, behind only the state's top three - FanDuel, DraftKings, and BetRivers. Despite a modest 5.1% win rate, Caesars also saw its monthly high for revenue, with over $4 million in winnings.
FanDuel topped the state's seven mobile operators with $40.2 million in revenue in March, marking the ninth straight month its hold in Illinois has reached double digits. DraftKings followed closely with a $27.2 million haul, while BetRivers secured third place with $8.4 million.
As for parlay wagers, almost 60% of operator revenue in the first three months of 2023 was generated through parlays. Basketball wagers brought in the highest revenue, followed by tennis, while boxing delivered a rare win for the bettors.
The growth in the U.S. sports betting market is staggering, with a 23.5% year-over-year increase from 2023 to 2024. Illinois has been a significant player, joining the Billion Dollar Club in October 2022. However, New Jersey, Nevada, and Pennsylvania lead the pack in this lucrative industry.
Digital platforms have been crucial in this growth, with a 15.3% increase in online gaming in Q1 2025. Major operators like DraftKings and Flutter Entertainment have reported significant revenue growth due to increased handle and net revenue margins.
Sports-betting operators were successful in Illinois during March, with Caesars Sportsbook setting a new record handle of $78.5 million. This revenue was generated through a variety of sports bets, including parlay wagers, which accounted for almost 60% of operator revenue in the first three months of 2023.
