The state of Illinois is dragging its feet when it comes to launching legal sports betting, and a gaming firm is suggesting that it is missing out on a huge sum of money. A large gaming consulting firm has just released its projections for sports betting in 2023, and the state of Illinois is rivaling the state of Nevada in terms of total money brought in.
This new information is not a guarantee, but it should help to get things rolling again in the state legislature, as it simply cannot afford to pass up on that amount of money.
Consulting firm Global Market Advisors has projected that over $5.2 billion could be wagered on sports in 2023, which is just shy of the projected $5.5 billion that is projected for the state of Nevada.
One of the biggest reasons for these projections is where sports betting is set to be legalized in the state of Illinois. The sports betting law will allow major sports stadiums to offer sports betting in and around their facilities, which will put the option right in front of the faces of the fans attending the games.
Places such as Wrigley Field, Soldier Field, and the United Center would be sports betting hubs, while also housing the most famous professional sports teams in the state of Illinois.
Illinois will be looking to join its neighbors, Iowa and Indiana, in the sports betting market when it finally goes live sometime next year. Iowa has had great success since going live, but things have been much slower in the state of Indiana.
The state of Illinois will receive a tax of 15 percent of all revenue brought in by sportsbooks, and projections have that number anywhere from $168-$338 million. That would mean that Illinois would bring in between $25-$50 million, which is around the numbers that Governor JB Pritzker expected and projected in his own budget proposals.
Illinois is in desperate need of more money, and sports betting revenue could be the thing that replenishes the bank account of a cash-strapped state.
Mobile/Online Betting Will Need To Be Legal
If the state of Illinois is going to even come close to these projections, then mobile or online betting will have to be legalized by the year 2023. Illinois lawmakers have yet to set a target launch date for mobile betting, but they have set some ground rules for what mobile or online betting will look like.
The sports betting law says that mobile or online betting applications will not be accepted until at least 18 months after land-based sports betting goes live in Illinois. The application and license approval process will probably take around six months, which would put mobile betting at least two years out from when sports betting launches in Illinois.
Sports betting is expected to go live in Illinois in 2020, but online sports betting companies are hoping that it happens in January as opposed to some other month later in the year.