Editor’s Note: Mobile registration and BetMGM launched in Illinois on March 5, 2022.
According to a release, BetMGM Sportsbook is set to debut an online sportsbook in Illinois in the first quarter of 2022. The Illinois Gaming Board (IGB) is scheduled to vote on issuing BetMGM a license on Thursday, Jan. 27.
If the IGB votes in favor, we are on the brink of a BetMGM launch.
Once BetMGM enters the Illinois market, it will be a major player in the sportsbook industry, competing against top competitors such as DraftKings and FanDuel.
As per the announcement, BetMGM is:
We anticipate launching online casinos in Illinois and Louisiana in the first quarter, along with physical stores in Puerto Rico, and iGaming in Ontario by the end of the year.
Illinois online registration will be available again starting on March 5th. BetMGM is eager to go live in time for March Madness betting, which occurs in the middle of the month.
Currently, we are focused on answering the important questions of when and how BetMGM will be launched.
Before March, was BetMGM get exist?
BetMGM’s success in Illinois hinges on their strategy for entering the market.
There are currently two potential options for market exposure, starting with Par-A-Dice Casino in East Peoria. Boyd Gaming, the parent company of Par-A-Dice, has a connection with BetMGM.
There are several reasons why this opportunity may be appealing. Firstly, it would be approximately $10 million cheaper than a mobile-only license, which typically costs $20 million.
Another possibility is that BetMGM could start operating prior to March 5th.
Alternatively, BetMGM may be one of the three unidentified candidates vying for an online-only license. Despite the high cost, BetMGM has significant financial resources. While an earlier launch before March would be preferable, it may not have a significant impact as Illinois still requires in-person registration until that time.
If BetMGM is prepared to launch before March Madness, it could have an advantage over its competitors. As a casino, it is preferable to start early rather than during one of the biggest betting events of the year.
How does BetMGM fare regionally?
BetMGM is the top choice for sports betting and iGaming operators, holding a 24% market share in markets where it operates between August and November 2021.
BetMGM is considered to be in the same league as DraftKings and FanDuel, and if Illinois were to legalize it, BetMGM is a reputable online casino operator.
CEO Adam Greenblatt stated that…
In 2022, the top national operators are expected to achieve critical mass, paving the way for the next phase of financial growth in the sector. With the support of our shareholders, advanced technology and data software, and omni-channel strategy, we are confident in the future of our company.
BetMGM was one of the users who made their debut this quarter in New York, as noted by Greenblatt.
We have shattered all of our previous records, as evidenced by the data. Our registrations have reached an all-time high, making it the most successful launch day in our history. This includes record-breaking numbers in payments, bets, and sign-ups from new depositors.
I was especially pleased with how smoothly and quickly our technology was implemented, meeting our expectations despite the high volume and pace. Additionally, our acquisition-channel KPIs were very impressive.
A flurry of new bookmakers could be seen in Illinois.
BetMGM will be the most prominent novel operator to introduce the Illinois mix in 2022, but it will not be the sole one.
Unibet, Bally Bet, theScore Bet, Golden Nugget, and WynnBET have all publicly expressed interest in the IL market. It is possible that there are other potential players waiting to enter the scene as well.
The surge of applications will pose a regulatory challenge for the IGB, which has not been known for its quickness in the past. However, this is positive news for consumers. It will be interesting to see how many casinos will be able to launch by March Madness.
Regardless, Illinois is on the brink of another major launch, with BetMGM leading the way.
