{"id":121360,"date":"2019-12-03T09:50:52","date_gmt":"2019-12-03T17:50:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=121360"},"modified":"2019-12-03T11:45:38","modified_gmt":"2019-12-03T19:45:38","slug":"illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/","title":{"rendered":"Illinois Could Become Sports Betting Mecca Rivaling Nevada, New Jersey When it Goes Live"},"content":{"rendered":"

Sports betting was a piece of the broader gaming expansion legislation passed in Illinois earlier this year, and when the state finally gets it up and running, the Land of Lincoln could be one of the sports wagering hubs of the US.<\/p>\n

\"\"
Betting on the Chicago Bears won’t happen for Illinois residents this year, as the state still has no time frame for sports betting becoming operational. (Image: Chicago Sun-Times)<\/figcaption><\/figure>\n

The Illinois Gaming Board (IGB) expects to make sports betting applications for casinos, horse racetracks, and professional sports arenas and fields available later this month. But the regulatory agency hasn’t set a firm timeline for when the first bet will be placed in the Prairie State.<\/p>\n

Since the state signed off on sports betting in mid-2019, expectations, attainable or not, are in place that it will be operational sometime next year. Various studies suggest it would benefit cash-strapped Illinois to move quickly on launching sports betting, because the state could rapidly become one of the largest players in the country.<\/p>\n

Chicago’s strong sports tradition and great teams in all major leagues will be able to generate enthusiasm around sports betting,\u201d said French research firm FDJ Gaming Solutions.<\/p><\/blockquote>\n

By 2023, the annual handle in Illinois could range from $2.8 billion to $5.2 billion, according to Global Market Advisors. At the high end of that range, the Prairie State would likely only trail Nevada in terms of yearly handle.<\/p>\n

Stumbling Blocks<\/h2>\n

As has been the case with the effort to bring an integrated resort to Chicago<\/a>, high costs are seen as one of the primary hurdles to getting sports wagering off the ground in Illinois. For operators, sports betting is already a low-margin business, but the IGB is requesting a whopping $10 million fee for each license.<\/p>\n

That figure would apply to casinos, racetracks, and arenas that want a sports betting permit. Should they chose to pay the $10 million, those entities would get 18 months of protection from online and mobile competitors, such as DraftKings and FanDuel. If those companies and rivals want to enter the Illinois sports betting fray, they’ll have to shell out a staggering $20 million fee to the IGB<\/strong>.<\/p>\n

MLB’s Chicago Cubs and White Sox, the NFL’s Bears, the Bulls of the NBA, and the NHL’s Blackhawks \u2013 the Windy City’s five professional franchises \u2013 have been active in working with Prairie State lawmakers on the sports betting issue<\/a>.<\/p>\n

The teams have expressed concern not only about the exorbitant licensing fee<\/a>, but also verbiage in the gaming legislation that could allow for retail sportsbooks to be located within just a few blocks of Wrigley Field, Soldier Field, United Center, and Guaranteed Rate Field.<\/p>\n

Rosy Projections<\/h2>\n

Forecasts for the potential size of the Illinois sports betting market, essentially all of which assume operators and teams will eventually come to grips with the licensing costs, are robust.<\/p>\n

Even if the low end, $2.8 billion, of the aforementioned Global Market Advisors study materializes, Illinois’ handle would only trail California, Texas, Florida, New York, and Nevada. That’s assuming that the first three even legalize sports betting, which those states haven’t yet done.<\/p>\n

Of Illinois\u2019 handle, the firm projects Illinois sportsbooks to hold between $168 and $338 million in revenue,\u201d according to the Chicago Sun-Times.<\/i><\/p><\/blockquote>\n

There is some speculation that the IGB could set a more detailed timeline for sports betting at its next meeting later this month. But having it ready for the Super Bowl in February, as has previously been rumored, seems unlikely at this point.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Sports betting was a piece of the broader gaming expansion legislation passed in Illinois earlier this year, and when the state finally gets it up and running, the Land of Lincoln could be one of the sports wagering hubs of the US. The Illinois Gaming Board (IGB) expects to make sports betting applications for casinos, […]<\/p>\n","protected":false},"author":46,"featured_media":121363,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61,1074],"tags":[],"acf":[],"yoast_head":"\nIllinois Could be a Big Sports Betting Player if it Moves Quickly<\/title>\n<meta name=\"description\" content=\"Illinois could be one of the largest sports wagering markets in the US, but the state first needs to get that activity up and running.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Illinois Could be a Big Sports Betting Player if it Moves Quickly\" \/>\n<meta property=\"og:description\" content=\"Illinois could be one of the largest sports wagering markets in the US, but the state first needs to get that activity up and running.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-03T17:50:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-03T19:45:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/chicago.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/\",\"url\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/\",\"name\":\"Illinois Could be a Big Sports Betting Player if it Moves Quickly\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/chicago.jpg\",\"datePublished\":\"2019-12-03T17:50:52+00:00\",\"dateModified\":\"2019-12-03T19:45:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Illinois could be one of the largest sports wagering markets in the US, but the state first needs to get that activity up and running.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/illinois-could-be-a-big-sports-betting-player-if-it-moves-quickly\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/chicago.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/chicago.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Betting on the Chicago Bears won't happen for Illinois residents this year as the state still has no time frame for sports betting becoming operational. 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