Three lucky betting operators will be selected for online-only sports betting licenses in Illinois, as the state’s gaming board has opened the application window. Illinois has decided on December 3 as a deadline for all applicants.
Three Operators will be Selected for Online-Only Sports Betting Licenses
Gambling operators in Illinois who only possess a temporary operating permit or have none at all will be able to apply and potentially get approved by the gaming board for running online sports betting. The limited number of licenses is because of the Illinois sports wagering act that was launched on August 5 this year. As a result, only three betting operators will receive the opportunity to run online-only sports betting.
After getting officially approved by the state, the three applicants will be formally contacted by the state’s gaming board no later than 90 days after the latter has publicly announced the bids. Other than the bid for the license, the three approved operators will have to pay an additional $20 million fee in order to finally get the coveted license.
Considering that almost 95% of the Illinois bets for June were placed online, it would seem that it’s a good time for betting operators to apply for the license. Despite the fee, receiving such a license can prove to be truly lucrative, as COVID-19 has brought upon an age of online betting.
The Betting Industry is on the Rise in Illinois despite a Temporary Drop in Handling
The Illinois gaming board decided to start this new application process in the wake of the reported drop in sports betting handle. According to the statistics from June, even though the overall profits have been increasing, the handle has been falling for three back-to-back months and was down by a whole 6% compared to the spring numbers.
Still, according to the same June statistics, Illinois placed third in monthly sports betting revenues ($476.5 million) and was surpassed only by Nevada ($545.5 million) and New Jersey ($766.9 million). Moreover, despite the temporary drop in handle, Illinois has still managed to break a record by becoming the state that was the quickest to reach $5 billion in sports betting handle. The feat was achieved in 16 months in total and broke New Jersey’s previous 18 months’ achievement.
According to analysts, Illinois’ sports betting market is on the rise despite the current setbacks posed by “seasonal headwinds.” They believe that, by autumn, the handle will start skyrocketing again.
Currently, the state’s sports betting market is dominated by FanDuel and Fairmount Casino who had over $20 million in revenue. They are followed by Casino Queen with $13.6 million and Midwest Gaming and Entertainment with Rush Street Interactive, with over $7 million.