An increase in WNBA wagering couldn’t overcome sports betting’s summer doldrums as Illinois posted a lackluster $774 million handle in July.
Without the NFL and college sports, the summer months generally mark a seasonal low for sports betting. So, it isn’t surprising the Illinois Gaming Board reported back-to-back months with handles below $1 billion. That said, results in July were even lower than in June.
WNBA sees a 75% bump
In July, Illinois sports betting had a total handle of $774 million. Total revenue in the Prairie State was $71.3 million with a hold of just 9.2%. Compared to last month, revenue was off by 25% -- but still up 18% when compared to July 2023.
While baseball and tennis were predictably the focus of bettors this July, the basketball handle in Illinois was surprisingly strong.
There’s no better proof of the WNBA gaining traction than seeing more fans with skin in the game. Last July, Illinois’ basketball handle was $48.9 million. This July, Illinois had a basketball handle of $84.6 million for a noteworthy 75% increase.
DraftKings, FanDuel continue to rumble for first
While DraftKings maintained Illinois’ top spot for handle, FanDuel’s higher hold percentage gave it the revenue edge. Meanwhile, BetRivers and Fanatics (formerly PointsBet) continue to tango for third.
| Operator | Handle | Revenue | Hold |
|---|---|---|---|
| DraftKings | $283.5 million | $23.8 million | 8.4% |
| FanDuel | $260.0 million | $28.6 million | 11.0% |
| BetRivers | $58.5 million | $4.8 million | 8.2% |
| Fanatics | $47.7 million | $5.2 million | 10.9% |
Taxes steady due to rate increase
July was the first month of higher tax rates for the Illinois sports betting industry. So, even with lower revenues, Illinois collected nearly the same amount of taxes ($15.1 million) as last month ($15.4 million). Tax rates rose from a flat rate of 15% to a progressive rate beginning at 20% and increasing to 40%, depending on revenue thresholds.
August is likely to be another sub-billion-dollar handle for Illinois. But the return of the NFL and the lead up to the MLB postseason should boost September’s numbers back into 10-figure territory.
