February Proves to be Illinois Worst Sports Betting Month Since August

Sports betting activity in Illinois significantly slowed month-over-month in February, but according to stats, it climbed dramatically from the overall handle seen in February 2023. The news wasn't all bad for our best sports betting sites.

For the sixth straight month, Illinois sports betting apps and retail providers topped the $1 billion mark in February. That's the good news. The bad news is that February's sports betting total was the worst since August. 

March however figures to be a big month with the NCAA Men’s and Women’s Basketball tournament on the wagering menu.

Despite a major February dip in handle, Illinois sportsbooks were nearly able to overtake New Jersey sports betting apps as the second most successful jurisdiction in the country.

$1.07 billion February handle

Illinois sports betting accepted $1.07 billion in wagers in February, the sixth straight month of $1 billion handles for the state.

The $1.07 billion is an impressive 22.3% year-over-year spike from the nearly $875.4 million in February 2023. However, it is an over $200 million month-over-month drop from the $1.286 billion handle from January.

$83.5 million in adjusted gross revenue

Illinois sportsbooks reported $83.5 million in adjusted gross sports betting revenue off a 7.8% win rate in February, a sharp drop from January and the previous four months. In January, Illinois sports betting apps made $129.5 million in revenue off a 10.1% hold. 

However, the $83.5 million is a 22.1% spike from the nearly $63.3 million in revenues from February 2023.

In total, Illinois’ best sportsbooks contributed $12.5 million in taxes. Local tax coffers received nearly $923,000.

Football bad for Illinois sportsbooks

Illinois bettors got the better of Illinois sports betting apps in February, especially on pigskin action. According to the Illinois Gaming Board, state sportsbooks combined for a -3.4% hold on football bets. Operators in the Land of Lincoln paid almost $2.4 million on football during the month from a $69.1 million handle. Residents hit the sportsbook hard while taking advantage of Illinois sportsbook promos.

FanDuel Illinois took the biggest hit, losing nearly $3.8 million on $18.8 million worth of accepted wagers. DraftKings Illinois came out $1.2 million ahead of $28.4 million in football wagers. 

Caesars Sportsbook Illinois also lost over $500,000 on $3.4 million in pigskin bets.

It is a good thing for parlays for Illinois sportsbooks. In February, parlay winnings made up 64.4% of sportsbook revenues. FanDuel won $27 million from parlays during the month, thanks to a 20.8% hold on multi-leg wagers.

Basketball also bailed out Illinois sportsbooks in February. Basketball produced $13.7 million in revenues during the month, a whopping $457 million handle. Tennis was the second-most bet on sport in Illinois, with a $92.3 million February handle and $5.6 million in revenue.