US Sports Betting Handle Surpassed $300 Billion Post-PAPSA

• The nationwide sports betting handle post-PAPSA surpassed $300 billion on Tuesday.
• States cashed in on more than $2 billion in tax revenue in the last five years.
• Illinois’ record $1.38 billion handle for November pushed the all-time handle past the milestone.
• FanDuel received more than $500 million in mobile bets but suffered a low 4.5% hold.

CHICAGO – As of Tuesday, Americans bet more than $300 billion on sports since the U.S. Supreme Court overturned PAPSA, the federal ban on sports betting.

The post-PAPSA era began in 2018 and now there are 38 states with legal sports betting contributing to the nationwide handle. In addition to the handle record, states also surpassed the $2 billion milestone for tax revenue post-PAPSA.

Illinois’ sports betting revenue report for November pushed the US total bet on sports past the $300 billion milestone. Bettors in the Prairie State wagered a record $1.38 billion in November on sports.

Illinois Continues Record Handle Streak, FanDuel Hits $500 Million

It’s the third month in a row with a record-setting Illinois sports betting handle. September started the streak with a $1.08 billion month, followed by October’s former-record handle at $1.16 million.

The Illinois Gaming Board reported a 33.6% increase in November’s 2023 handle from last year’s month. FanDuel was the most popular betting site for the month, becoming the first Illinois mobile betting app to surpass $500 million in monthly handle.

Despite the record handle, FanDuel’s sports betting revenue didn’t translate. High bettor success led to a low 4.5% hold, still earning $23.2 million in revenue for November.

Illinois bettors at DraftKings were less successful, leading the operator to the highest November sports betting revenue total with $28.1 million earned. DraftKings held 6.1% of their $463.9 million November handle.

News tags: DraftKings | FanDuel | Illinois | Illinois Gaming Board