Last updated on April 5th, 2024 at 09:01 am
Sports betting has becoming increasingly popular over the years, which is why it has become popular for people to learn how to be a bookie. In the US alone, over $119.84 billion was wagered in 2023. Given the trends we have been seeing, and with more states legalizing sports betting, many believe the numbers will be higher this year. And the predictions seem to be right on track, especially if we look at the Land of Lincoln. The Illinois sports betting market enjoys a great start to the year, as sportsbooks set a new record in sports betting handle and revenue for the month of January.
Illinois Sports Betting Market: Highest Betting Handle
Sportsbooks in Illinois took in $1.3 billion in bets in January. This is the highest-ever recorded monthly handle in the state’s history. It is also the fifth straight month that the state’s sportsbooks have seen a handle go beyond a billion dollars.
The handle is 20.2% higher than the same month in 2023. The hold percentage also went up from December’s 9.7% to 10.4%. And when it comes to the hold, hitting the double digits is also great news for bookies. This is because it means sportsbooks get to keep a higher percentage of winnings.
State Sets Another Record with Monthly Revenue
With a high hold percentage, we now also have higher revenues for sportsbooks. According to the numbers from the Illinois Gaming Board, sportsbooks have a combined revenue of $134.9 million. And this is the highest revenue seen in its 45 months of existence. This is a 5% increase from the previous month’s $128.4 million. This is also a 40.8% increase in revenue from the same period in 2023.
Which Sports Drove the Handle and Revenue Up?
When you use a bookie software solution, you will be able to generate reports and see your players’ behaviors. You will see the handle, your sportsbook’s hold and revenue and so on. But more than that, you will also gain insights from other metrics, like which sports took in the most bets, which sports were the most profitable, and so on.
For Illinois, football was the main driver of action in January. The sport has a $249.3 million handle, with $22.2 million in revenue. Even though it is 22.6% less than the previous month, wagers in the sport have a 9.1% hold, making it a lucrative sport for bookies. There are less football games in January, while basketball is heating up in its midseason games. Basketball betting saw a whopping $449.9 million in handle, but revenue is low at $14.7 million.
