At Wednesday’s meeting, the Illinois Gaming Board (IGB) announced that Bally’s Corporation has officially acquired Jumer’s Casino and Hotel.
Besides the good news from Illinois, the regional gambling company also received a financial sports gambling license from the IGB.
Harrah’s Joliet and Harrah’s Metropolis were granted retail sports betting licenses during the IGB meeting.
The casinos sought approval from the IGB before starting sports betting. With approval granted, all games in Illinois now have the potential to include financial sports betting.
Bally’s is likely to rename the Jumer’s casino in Rock Island, but the specific new name has not been determined yet.
As of now, Bally & rsquo, S.W.S. does not offer online sports betting in Illinois. However, with the acquisition of a smart permit, the company could potentially introduce its sports betting app, Bally Bet, which is already operating in Colorado.
TheScore Bet has a market access agreement with Harrah’s Joliet, but it remains unknown who the potential mobile partner for Harrah’s Metropolis, also owned by Caesars, will be.
Despite this, the sports betting industry in Illinois is expanding, though the requirement for in-person registration for online sportsbooks is creating a unique situation in this highly sought-after market.
The activities gambling landscape in Illinois is complex.
There are both positive and negative factors that can impact the level of optimism surrounding the sports betting industry in Illinois.
In April, Illinois came in second place nationwide for sports betting handle. The state, also called the Land of Lincoln, saw a total of $537.2 million in bets, beating out Nevada and Pennsylvania for the first time.
Although there has been a notable decrease from the $633.6 million handle in March, the standing of the US, specifically Illinois, remains highly impressive. This makes it clear why any sports betting operator would be attracted to entering the Prairie State.
On the other hand, Illinois requires in-person membership as well, and this requirement is not expected to change before 2022.
DraftKings, FanDuel, and BetRivers have solidified their position in Illinois, operating online since last summer.
Therefore, entering the Illinois market may prove to be difficult once in-person registration is no longer an option. Additionally, the possibility of online sign-ups being available is still far off.
In other words, newcomers will find it difficult to achieve success.
The El market’s potential is highlighted by the new operators actively seeking to enter. BetMGM, Unibet, and Golden Nugget are all in various stages of the process to tap into this market.
How does IL’s online registration be reinstated?
The Illinois Gaming Board may allow for the issuance of a smart license to resume remote registration.
Nevertheless, applications for a portable license will not be available until December. Given the slow process of IGB in other regions, it is unlikely that a mobile license will be granted until 2022.
The complexity arises from the expensive nature of mobile-only certificates, which come with a substantial price tag of $20 million each. These certificates were originally introduced by the legislature to entice companies like DraftKings and FanDuel to enter the market. Despite this, these companies were able to exploit loopholes in the Illinois market.
Is there anyone interested in placing a bid? While we cannot guarantee it, given the high number of operators looking to enter the Illinois market, it is probable that someone will make an offer.
