After much anticipation, BetMGM was granted a sports betting license by the Illinois Gaming Board on Thursday. The company had submitted their application for the license in September 2020.
We are eagerly anticipating the launch of BetMGM’s services in Illinois, also known as the Land of Lincoln. The company’s entry into the market will be through a partnership with Par-A-Dice Casino in East Peoria, suggesting that they are not seeking an online-only license at this time.
Online registration in Illinois is scheduled to resume by March 5, allowing BetMGM to potentially be up and running in time for March Madness betting. However, individuals would need to register in East Peoria in order to participate.
BetMGM is poised to become the seventh online sportsbook in Illinois, a relatively small number compared to states with robust sports betting markets. However, this figure is anticipated to grow with the reintroduction of mobile registration.
Here is what Illinois residents may know about BetMGM.
On the same level as DraftKings and FanDuel is BetMGM.
DraftKings and FanDuel are unquestionably the top players in the Illinois market when it comes to monthly handle and revenue.
Even though BetMGM is entering the Illinois market after its competitors, its performance in the state remains uncertain. Nonetheless, the brand has established a strong presence in other states.
BetMGM has just released new data indicating that it is the second-largest sports betting and online casino operator in the markets it serves from August to November 2021, with a 24% market share.
DraftKings and FanDuel are not expected to see any immediate impact in Illinois, but there is potential for future changes. BetMGM is projected to ramp up advertising and promotion significantly in the state.
Jamie Foxx, known as The King of Sportsbooks for his charismatic personality, serves as the pitchmaster alongside legendary NBA player Kevin Garnett, who offers advice based on his experience playing high school basketball in Chicago, for MGM.
It wouldn’t be surprising to see a well-known former coach or athlete from Chicago sign a deal with BetMGM soon, given the company’s track record of seeking out individuals with ties to the local community.
What caused BetMGM Illinois to take so long to complete?
It’s easy: in-person registration.
BetMGM applied for an IL license in September 2020, and by April 2021, Illinois Governor JB Pritzker had reinstated in-person registration.
Both Unibet and BetMGM were considered potential contenders for sports betting at the time. However, launching in a physical membership setting may not have been a successful business move for either of them.
Currently, BetMGM is partially responsible for the upcoming second launch in Illinois. It is very probable that it will be prepared to go live by March 5, pending approval.
Various casinos are expected to do the same in 2022, but the speed at which they can begin operating remains uncertain.
Unibet is a major player in the upcoming sports betting industry and appears to be next in line for consideration. While there are three unidentified applicants for an online-only license, other operators like Bally Bet, theScore Bet, Golden Nugget, WynnBET, and npspe have not publicly stated their intentions to launch casinos in Illinois. It is likely that some or all of these operators have submitted applications as well.
Due to the unique nature of this position, we gained valuable insight into the method as we experienced it in real-time.
No matter the circumstances, Illinois residents can anticipate at least one major betting opportunity in the upcoming weeks and months. Additionally, a wider range of casino choices will be gradually introduced.
