Illinois legalized sports betting at about the same time as Iowa and Indiana, but while its neighbors have already rolled out wagering services, state regulators are approaching the matter more cautiously.
Eager bettors have hoped that they will be able to place legal wagers in time for the Super Bowl. However, an early February roll-out seems too optimistic now.
Illinois Rep. Michael Zalewski, one of the biggest proponents of legalized sports betting, said this week that he had been among those hoping for pre-Super Bowl start of wagering, but was “starting to get a little more cautious in saying that if we could have someone placing a bet on March Madness, that would be great.”
Athletic gambling was a priority for Illinois Gov. J.B. Pritzker as part of the sweeping gambling expansion law he approved this past June. Tax money from the state’s expanded gambling industry is earmarked for his $45 billion Rebuild Illinois capital construction program.
Rep. Zalewski said that Illinois bettors should wait for state lawmakers and regulators to finish the framework under which the wagering industry would be overseen. For instance, the cost per bet is yet to be determined.
Rep. Zalewski noted that Indiana sportsbooks charge a minimum of $5 per bet. According to the legislator, they will likely leave it to the state Gaming Board to set the minimum betting rules and that the cost per bet will likely be the same as that in Indiana.
License Application Process Set to Start This Month
Illinois Gaming Board Marcus Fruchter said last month that the license application process was expected to start on or before the board’s next meeting, which is scheduled for December 19.
It is unclear how long it will take the regulator to vet all applications and issue the first sports betting licenses, but as mentioned above, hopes are that this will happen before next year’s March Madness.
For the first 18 months since the first wagering license is issued, the practice will only be limited to retail sportsbooks at Illinois’ casinos, horse racetracks, and sports arenas with capacity of 17,000 or more. After that 18-month period sports betting operators will be able to conduct online and mobile activities on the territory of the state.
Retail wagering licenses will cost $10 million, while online operators will be able to apply for licenses at $20 million per piece.
Rep. Zalewksi said this week that he hopes the state Joint Commission on Administrative Rules to pass final sports betting rules at a December 17 hearing.
While there is still no timeline set for the start of legal sports betting in Illinois, the first projections about the local market are more than optimistic. According to consulting firm Global Market Advisors, nearly $5.2 billion could be bet on sports in the state in 2023, which is not far behind the $5.5 billion forecast for Nevada for that year.
The $5.2 billion estimate was on the high end of Global Market Advisors’ projections for the future of Illinois’ athletic gambling market. The firm’s low estimate pegs Illinois for betting handle of $2.8 billion in 2023.
Source: Illinois’ sports betting not expected until after Super Bowl
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