The top sportsbooks in the country dominated the national hold percentages for online sportsbook brands in June 2024.
Illinois online sportsbooks stayed predominately inline with national averages with the exception of one major outlier.
FanDuel, the SGP pioneer, dominates in national hold
Based on reports from states that had reported June revenue–New York, Indiana, Iowa, Kansas, Massachusetts, and Maryland–Eilers & Krejcik newsletter reported through their newsletter that the top sportsbooks had the following hold percentages:
- FanDuel: 12.38%
- DraftKings: 8.06%
- BetMGM: 7.95%
- Caesars: 5.55%
- ESPN Bet: 8.53%
- BetRivers: 3.88%
- Other Brands: 8.85%
BetRivers outperforms in Illinois
The national numbers above collect data from the six states that have reported revenue, hold, and handle. We can see if there are any major surprises in Illinois by comparing those hold percentages with Illinois percentages from the May revenue reports.
- FanDuel Illinois: 12.6% (-0.22%)
- DraftKings Illinois: 8.0% (-0.06%)
- BetMGM Illinois: 7.3%(-0.65%)
- Caesars Illinois: 8.2% (+2.65%)
- ESPN Bet Illinois: 9.2% (-0.67%)
- BetRivers Illinois: 10.0% (+6.12%)
Most of the Illinois numbers align with the national hold percentage for June 2024. FanDuel, DraftKings, BetMGM, and ESPN Bet all have negligible differences from the national hold.
The real outlier here is BetRivers, which has a whopping 10% hold in Illinois compared to its 3.88% national average. And while it’s an outlier, it’s not all that surprising. BetRivers was the very first sportsbook to go live in Illinois, earning it some brand loyalty among early adopters.
Perhaps more important, though, is the brand’s tie to the Chicagoland area. BetRivers is helmed by Rush Street Interactive, which is based in Chicago.
Another needle mover could be BetRivers’ status as the official sportsbook of the Chicago Bears.
Caesars Sportsbook, to a lesser degree, is another Illinois outlier. The sportsbook nabbed 8.2% hold in Illinois during May 2024. On the national level in June, Caesars snagged 5.5% hold.
Lifetime hold For Illinois sportsbooks
Do these trends line up with Illinois sportsbooks’ lifetime hold? Let’s take a look.
- FanDuel: 10.6%
- DraftKings: 7.0%
- BetMGM: 9.5%
- Caesars: 4.9%
- ESPN Bet: 9.4%
- BetRivers: 8.0%
FanDuel consistently leads the pack. Notably, it has less lifetime handle than DraftKings but has a higher lifetime hold–testament to FanDuel’s strong Same Game Parlay products. BetRivers places third in Illinois for lifetime handle, but it is outperformed in total hold by some of the bigger names, such as DraftKings, FanDuel, and BetMGM. Relative newcomers via rebrands—ESPN Bet and Fanatics—have lifetime IL hold percentages of 9.4% and 9.5%.
What is hold, and why is it important?
In short, “hold” is the margin a sportsbook collects on either side of a given bet. It is best explained using a quick example of some moneyline odds. These particular odds come from DraftKings Illinois.
- Chicago Cubs: -108
- Cincinnati Reds: -112
The odds of either team winning this game are close to 50-50, but the payout you’ll receive if you win isn’t “even money.” Odds of +100 would mean even money. A $100 bet on odds of +100 would pay $100 in profit.
Bets at sportsbooks almost never offer even money when teams are evenly matched, and that’s because of the hold percentage. In the example above, a successful $100 bet on the Cubs at odds of -108 would pay $92.59. Similarly, a $100 winning bet on the Reds would profit $89.29.
Hold percentages can lead to big swings in revenue, depending on how much a sportsbook draws in the handle.
By offering these slight tweaks on both sides of the bet, sportsbooks guarantee they will come away from the game with some money, no matter who wins. If you’re familiar with casino parlance, hold percentage is the sports betting version of the house edge.
