October Boosts Revenue for Illinois Sports Betting Apps

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00:00 [MUSIC]

00:03 >> Certainly it's been a down season for the Chicago Bears, but

00:06 that hasn't really made any difference for the Bears or the Bulls or

00:09 any other sports, Northwestern in Illinois,

00:12 as the gaming board is reporting over a billion dollars again in revenue.

00:18 And I mean, the amount of money coming in for a lot of these states, Jim,

00:21 is very high, but Illinois is right there near the top.

00:26 >> Yeah, Craig, you're right, they're one of the larger markets in the country for

00:32 sports betting routinely in that top three to five in terms of handle

00:38 each and every month.

00:39 And October, excuse me, was the first month that they went over $100

00:44 million in revenue combined from all operators.

00:49 And what we saw was that parlay betting had a large

00:55 portion of that $112.7 million in total revenue,

01:02 making up more than half, it was about $64.2 million in winnings for

01:07 the sports books off of parlays.

01:09 And we've seen the growth of parlay betting over the course of this last year.

01:16 A lot of the major apps are promoting it, obviously,

01:21 they're enhancing it, and they're putting that parlay product out there.

01:26 And the customers evidently are enjoying it, taking advantage of it,

01:31 using it, and ultimately padding the bottom line for sports books.

01:37 BetRivers, they recently added some new parlay features,

01:43 made it easier to access prop bets, which, as you know, Craig,

01:47 are quite popular in parlay bets.

01:51 They've just enhanced those features within the last handful of months.

01:57 And they posted the highest win rate in Illinois in October amongst

02:02 the parlay betting at nearly 20%, which is rather high.

02:08 Fanduel, in recent months, they've said that their parlay

02:13 product has produced higher margins for them with better pricing.

02:19 We've seen DraftKings roll out a variety of new parlay products

02:24 in the last couple of months as well.

02:26 And Caesars also has made some enhancements to its parlay product.

02:31 And recently, some of their executives said that they would put their

02:36 parlay product on the same shelf as the ones from Fanduel and DraftKings.

02:41 And people are responding well to all three.

02:44 Four, if you include the BetRivers product, as we've seen in Illinois,

02:49 is that parlay betting driving some serious revenue

02:54 numbers for Illinois sports betting apps in October.

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