The proposed House amendment would reduce the cost of a sports betting lottery terminal license by a factor of 20 compared to the current price.
The drawing sports wagering pilot system was not included in the 2019 Sports Wagering Act, but efforts are being made by some lawmakers to reintroduce it.
The current bill requires operators to pay a minimum of $20 million for the license, but the amendment reduces that price to $1 million.
However, we must go once more. Some may question what constitutes a sports gambling draw conclusion.
What to know about drawing terminals for Illinois sports betting
As of now, these terminals do not exist. However, in the envisioned bill, there would be a possibility of having up to 5,000 terminals spread throughout Illinois for individuals to place sports bets. These terminals would be operated by a central entity, also known as a sportsbook.
The stations can be placed anywhere, without restrictions. Take into account all possible locations, such as grocery stores, public transportation stops, and sports bars.
One downside is that only parlay bets may be offered at these stations. However, this adds a lottery-like element, giving the potential to win big.
Operators typically find parleys to be highly beneficial, making it an appealing opportunity for sportsbooks. With a $1 million license fee, it could be a worthwhile investment for someone.
However, the lottery program will continue to operate without a mobile component. The return of online sports betting registration by March 5 at the latest is likely the main focus for most external operators.
Earlier modification was unsuccessful
In May 2021, the Illinois government sought to modify the drawing pilot program.
HB 4087 aimed to decrease the license fee from $20 million to $10 million and remove the parlays-only restriction, making it more attractive to consumers.
Nevertheless, the article did not receive approval from the House. While this article is original, it is crucial to consider the latest version.
Illinois activities betting’s fast potential
Illinois sports betting is set to receive a boost whether or not these lottery terminals are involved.
The return of online registration in Illinois will lead to a surge of new sportsbooks, providing customers with more choices. BetMGM Sportsbook is scheduled to be reviewed by the Illinois Gaming Board (IGB) on Thursday, and we anticipate that they will be granted approval.
This doesn’t mean that BetMGM will launch immediately, but it is expected to do so within the next month.
The March revenue report is expected to reveal a lot. In March of last year, Illinois residents wagered $633.6 million, setting a record for the highest handle that stood for several months.
Given all factors, it is possible that we could reach a figure of $1 billion this time.
