The Illinois Gaming Board reported $95.5 million in adjusted gross revenue from sports betting in March as a chalk-heavy NCAA Tournament dragged down holds on parlays for practically every mobile sportsbook.
March also marked the debut of bet365 in Illinois, the 10th online operator to begin accepting wagers. The England-based sportsbook contributed to an 18.2 year-over-year rise in handle to $1.49 billion, the second-highest mark in state history. The 6.4% hold was the second-lowest in the last 16 months of reporting, ahead of only the 5.6% win rate posted last October.
Revenue was down 4% from the previous March as the hold was almost 1.5 percentage points lower. But with Illinois still being in its first fiscal year with progressive tax rates on operators, the $33.6 million redirected to state coffers was an increase of nearly $18.7 million.
In focus: bet365
Bet365 was the second mobile sportsbook to enter Illinois over an eight-month period, following Hard Rock Bet’s debut in August. Relative to March, bet365 fared well: It posted a 7% hold on $37.3 million in completed events handle to reap $2.6 million in revenue.
Its handle ranked eighth among the 10 mobile sportsbooks, beating out Hard Rock ($28.8 million) and Circa Sports ($13.4 million). It was also eighth for revenue, nearly doubling Hard Rock Bet’s $1.3 million and easily outpacing the $327,070 claimed by Circa.
Bet365 looked to have done its homework when it came to making its initial pitch to Illinois bettors. More than half of its handle — $19.6 million — originated from parlay wagers, and the multi-leg bets accounted for 74% of its revenue. Bet365 finished with a 9.9% hold on parlays, keeping more than $1.9 million.
That hold was slightly higher than the statewide 9.7% win rate — a stark reversal from the first two months of 2025 when operators had holds of 20.8% or better.
The tax bill keeps growing
Two mobile operators — BetRivers and ESPN BET — hit fiscal-year thresholds that triggered a higher tax on winnings. BetRivers surpassed $50 million as it moved into the 30% band, and ESPN BET climbed into the 25% bracket after surpassing $30 million. Caesars will likely move into the 25% bracket in April as it has totaled $29.3 million in revenue dating back to July 1.
From the state government point of view, the progressive tax appears to be doing its job in terms of reaching projected revenue estimates. Gov. JB Pritzker’s original goal was $200 million when he proposed to raise the tax rate to 35%. With three months left in the fiscal year, the $300.9 million in state taxes raised from mobile sports betting is $157.1 million more than what would have been collected had Illinois continued to tax adjusted gross revenue at the previous rate of 15%.
FanDuel and DraftKings, who are currently in the top 40% bracket, have accounted for nearly 88% of that additional tax revenue, with their combined $243.5 million in remittance nearly $138 million more than their previous bill. FanDuel has paid $132.1 million to the state, while DraftKings has totaled $111.5 million in taxes paid.
In terms of total revenue by mobile book, FanDuel took top honors in March with $32.3 million while finishing just shy of a 7% hold on $463.5 million handle. DraftKings ran a close second at $31.1 million, crafting a 6.2% win rate from $497.7 million worth of accepted wagers.
Fanatics further solidified its status as the No. 3 option for Illinois bettors, posting a record handle of $154 million and reaching eight figures in back-to-back months for the first time with $11 million. BetRivers ($4.4 million) and BetMGM ($4.3 million) rounded out the top five, though both finished below the collective mobile hold of 6.5%.
Elsewhere in the US
North Carolina sportsbooks claimed $46.8 million in revenue for April as winnings plummeted 55.5% from last year. Handle was down 11.2% to $576.2 million, but only 2.7% of that amount –- $15.5 million – came via promotional offers.
That was a far cry from last year when operators fell over themselves trying to drum up business in the first full month of wagering in the Tar Heel State. The $79.7 million in credits spent 12 months prior was 12.3% of the $648.9 million in accepted wagers in 2024.
The state saw an inflow of $8.4 million to its tax coffers, which was over $10.5 million less than last year when operators walloped the public with a 16.2% hold and collected $105.3 million.
Maryland sportsbooks rode a big month of parlays in April to an 11.5% overall hold and $59.2 million in gross revenue. Operator winnings surged 17.3% higher compared to April 2024 as they eclipsed a 20% hold on the multi-leg bets for the third time in the first four months of 2025. The house kept $40.7 million of the $198.3 million wagered on parlays, and they have a year-to-date hold of 20.4%.
FanDuel cleared a 13% hold for the third time this year, landing at 13.4% while winning $30 million in gross revenue from $224.6 million handle. DraftKings neared a 10.9% win rate, contributing to $17 million in revenue. The two titans accounted for nearly 75% of the overall $15.6 million promotional spend by operators, with FanDuel offering a state-leading $6.7 million.
The Old Line State levied taxes on $42.4 million in adjusted gross revenue, redirecting $6.4 million to its coffers. Maryland also became the 13th state in the post-PASPA era to surpass $1 billion in adjusted gross revenue, while all-time gross operator winnings dating back to launch in December 2021 topped $1.5 billion.
