Illinois Sportsbook Revenues Plummet in December Reports
Illinois' sports betting market took a significant hit in December, with revenue plummeting by over 50% compared to November's record-breaking numbers. Despite a minor increase in total handle, the house couldn't keep pace, resulting in a paltry 4.3% win rate – the second-worst in the last 20 months.
The Land of Lincoln had enjoyed a bumper November, raking in $79.3 million in revenue and setting a sixth-highest monthly total since the PASPA era. However, bettors were determined to claw back some of their losses, turning the tables on operators in December.
The downturn was apparent across both mobile and retail platforms. Mobile operators posted a meager 4.4% win rate, with revenue dipping to just under $32.4 million from over $750 million in handle. FanDuel remained the frontrunner, followed closely by BetRivers and DraftKings, while PointsBet showed the best win rate at 8.5%.
Meanwhile, Illinois' 11 brick-and-mortar venues suffered their worst month of the year, with a dismal 1.5% win rate on a total handle of $36.7 million. Bettors at three venues managed to rack up wins, with Rivers Casino leading the pack, followed by Alton Casino and Casino Queen. However, Grand Victoria Casino in Elgin took the brunt of the retail pain, losing over $200,000 on nearly $1.8 million in bets.
Parlay wagering remained a primary revenue source for operators, contributing over half of the total revenue in December, albeit a 58.7% decrease from November. Basketball and football continued to be the other main revenue streams, despite lower individual holds.
Looking ahead, New Jersey, Pennsylvania, Illinois, and Nevada are expected to remain among the top performers in the sports betting market due to their large populations and established gaming industries. However, specific rankings for December 2021 would require access to more detailed historical data.
Despite the significant decrease in sports betting revenue in December compared to November, parlay wagering remained a primary source of revenue for operators, contributing over half of the total revenue. The win rates were low, with mobile operators posting a 4.4% win rate and brick-and-mortar venues experiencing a 1.5% win rate. The payout for bettors increased in December, possibly as they sought to claw back losses, resulting in a lower win rate for operators. Sports-betting operators in states like New Jersey, Pennsylvania, Illinois, and Nevada, known for their large populations and established gaming industries, are expected to continue performing well in the sports-betting market.
