Nationwide handle for state-by-state sports wagering, which began in June 2018 following the U.S. Supreme Court striking down PASPA, surpassed $300 billion Tuesday when the Illinois Gaming Board reported a record handle of $1.38 billion for the month of November.
As more and more states have legalized sports betting to try and keep tax revenue within its borders, wagering has skyrocketed on a year-over-year basis. There were only seven states offering sports betting at the end of 2018, with a combined handle totaling $4.6 billion. Illinois’ handle pushed November’s wagering to an all-time monthly high of $13.5 billion from 29 of the 31 states taking action, while Arizona and Kentucky have yet to publish their respective reports to close out the month.
It was the third consecutive month Illinois posted a record handle, a stepladder that started in September with almost $1.08 billion before climbing to $1.16 billion in October. November’s figure was up 33.6% from the same month in 2022 and an 18.5% increase from this October. It was the eighth time in 14 months that Illinois bettors wagered more than $1 billion.
Despite the bumper handle, which also put Illinois over $10 billion for 2023, operators failed to capitalize on the increased action. Sportsbooks statewide finished with a 5.3% hold, the seventh-lowest in 43 months of betting, as they finished with $72.7 million in adjusted gross revenue. That was down 25% from November 2022 and 35.5% from October’s record $112.7 million.