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Illinois sports bettors excited to explore the offerings of the Circa Sportsbook will need to be patient as the launch is delayed.
Circa is poised to become the eighth sportsbook operator in the state, pending approval from the Illinois Gaming Board.
Derek Stevens, CEO of Circa, stated to Play Illinois on Thursday that Circa is ready to begin operations once The Temporary by American Place Casino in Waukegan opens. However, the regulatory process in Illinois does not allow for immediate start of operations.
Stevens explained that the casino must open before introducing a sportsbook, with a specific period of operation required first. Additionally, in Illinois, the sportsbook can only be launched after the casino has been established.
Additionally, an official opening date for The Temporary has not been announced yet, but it is anticipated to be revealed this month.
The temporary casino owned by Full House Resorts was originally set to open in October, then December. It is believed that Full House is awaiting approval from the IGB before announcing the official grand opening date.
Circa promises low hold, high limits to Illinois sports bettors
Stevens announced that when Circa, the sportsbook he established in Las Vegas in 2019, expands to Illinois, it will offer a distinctive value proposition tailored to high rollers. This will involve a decreased percentage hold and a welcoming atmosphere for large wagers.
Stevens stated that a low-hold model accepting larger bets may be suitable for certain clients, even if the number of players varies slightly.
I think that there will be a lot of interest in comparing prices, especially with Circa Sports. As people learn more about our low-hold model through our upcoming plans, they will see how important it is. This will be a key focus for us in Illinois.
Why did Circa choose Illinois?
Circa currently operates sportsbooks in Nevada, Colorado, and Iowa. The decision to expand to Illinois as the fourth state was based on the alignment of favorable circumstances in the state, according to Stevens.
“He mentioned that they felt confident that their model was a good fit for the regulatory landscape in Illinois. After successfully reaching an agreement with Full House Resorts, they were excited about embarking on a new project in Northern Illinois. This development aligned perfectly with their goals,” he stated.
The Temporary in Waukegan is expected to be a temporary site for the next two to three years. We are excited to work with the Full House team to create a permanent sportsbook at The American Place, the permanent casino. Being able to provide design input for both the temporary and permanent locations is a thrilling opportunity for us.
Circa has multiple high-end sportsbooks in operation, with the most well-known being the Stadium Swim in Las Vegas. This distinctive venue features six large swimming pools and a 40-foot high-definition screen for sports betting and viewing. Unfortunately, due to certain limitations, Illinois will not be getting an outdoor, swim-up sportsbook like this anytime soon.
How Circa plans to compete against existing Illinois sportsbooks
Seven established sportsbooks are currently operating in Illinois. Despite the market being crowded, Stevens is not concerned about the competition, even as Circa prepares to enter the same market.
Stevens stated that there are 30 competitors in Colorado, a significant number in Iowa, and a large amount in Nevada.
I strongly believe that the sports betting industry is still in its early stages of growth. Each sportsbook has its own unique features, catering to different types of customers. This diversity in the market presents great potential for further expansion. The Illinois market has shown promising strength, and we are excited to establish our presence there.
Illinois is ranked either second or third in the sports betting market in the United States, depending on the criteria used. According to the latest data from the Illinois Gaming Board up to October, the state ranks third in terms of total handle, with nearly $7.7 billion in bets placed in the first 10 months of the year. Illinois also ranks second in sports betting revenue, with approximately $628 million earned during the same period.
Stevens stated, “Illinois is definitely an outstanding sports market in our opinion. The enthusiasm for the various teams based in Illinois is clear. With the regulatory environment, population size, and Midwest sports fans in mind, we believe it creates a perfect combination.”
Strong growth for Circa in just four years
When asked about Circa’s future plans after Illinois, Stevens decided to focus on the company’s recent accomplishments.
In 2022, we grew our business by launching our sixth location in Nevada, marking our debut in the northern region of the state. Situated in the Reno Sparks area, a popular tourist spot in the San Francisco and Bay Area, this new branch has played a pivotal role in expanding our presence and driving business growth in Nevada.
We are excited to start our second year in Iowa, third year in Colorado, and launch in Illinois this year. Our main goal is to grow Circa Sports in various regions based on regulations. This advancement signifies a positive step for us as we anticipate expansion in the states where we are already operating and are eager to begin in Illinois, our fourth state of expansion.
