Sports betting establishments in Illinois reaped a substantial income of $89.5 million in April, bolstered by significant parlay winnings.
Illinois' betting scene is crowded, but FanDuel rules the parlay game. The Prairie State generated $898.6 million in traditional handle for April, coming in second only to New York. However, FanDuel's parlay dominance is unfaltering, as it raked in over half of the state's total online revenue in parlays.
Online juggernaut FanDuel has been the top dog in parlay wagers for seven consecutive months, boasting a 20% hold in the Land of Lincoln for 10 straight months. The digitally-savvy bookie has amassed a whopping $110.2 million in parlay revenue this year, accounting for nearly 70% of its total online revenue in Illinois.
Other operators are far from floundering; DraftKings, for instance, almost hit a 9% overall hold for April, landing just shy of $25 million in Adjusted Gross Revenue (AGR). However, FanDuel's winning streak is tough to beat.
Interestingly, BetRivers has seen a significant shift in parlay wagering among the early mobile entrants in the state. Its $84.4 million handle in parlays has already surpassed its full-year 2022 total, while its $13.5 million in revenue is five times higher than the first four months of last year.
Meanwhile, Caesars, which began offering parlays last March, has significantly stepped up its parlay game this year. In April, it claimed an all-time high monthly parlay handle of $11.6 million and revenue of $1.7 million.
PointsBet has bounced back from a $3 million parlay win paid out in September, netting at least $2 million in winnings from parlays each of the last seven months. In April, PointsBet pocketed $2.6 million with an 18.7% hold, contributing to a strong month that saw an all-time high win rate of 11.4%.
At retail, Rivers Casino in Des Plaines reigned supreme, earning $1.1 million from $11 million in bets for a 10.2% hold. Both PENN Entertainment venues in Aurora and Joliet posted double-digit win rates, with Aurora setting a state-best 16.8% win rate and bringing in $250,379 from a $1.5 million handle. The Joliet venue manage a more modest $117,388 win from $1.1 million in bets.
Overall, FanDuel's leadership in parlay wagering can be attributed to its strong mobile app, competitive promotions, brand recognition, and effective risk management. These factors combine to create an appealing platform that has secured its place as the go-to destination for parlay bettors in Illinois.
- In the realms of sports betting, FanDuel reigns supreme in the parlay game, maintaining its lead for seven consecutive months.
- The online sports betting giant, FanDuel, boasts a 20% hold in the Illinois market for an impressive ten months.
- FanDuel's parlay dominance is evident in its staggering $110.2 million revenue this year, accounting for nearly 70% of its total online revenue in the state.
- DraftKings is a close competitor, nearly achieving a 9% overall hold for April and landing just shy of $25 million in Adjusted Gross Revenue (AGR).
- BetRivers, an early mobile entrant in Illinois, has seen a remarkable increase in parlay wagering, with its April handle already surpassing its full-year 2022 total.
- Caesars, slightly delayed in offering parlays, has significantly stepped up its game this year, claiming an all-time high monthly parlay handle of $11.6 million in April.
- PointsBet, recovering from a significant win in September, has netted at least $2 million from parlays each of the last seven months.
- At retail locations, Rivers Casino in Des Plaines tops the charts, earning $1.1 million from $11 million in bets for a 10.2% hold.
- Effective risk management, a strong mobile app, competitive promotions, and brand recognition make FanDuel the preferred destination for parlay bettors in Illinois' thriving sports betting scene.
