States all over the Midwest have been legalizing and launching sports betting in recent months, and Illinois was expected to among them. Illinois legalized sports betting over six months ago, but it has been dragging its feet in getting things up and running.
We finally have some news in Illinois as it has announced that casinos and racetracks can now start applying for sports betting licenses. This is a terrific first step in getting things up and running, but there is still no launch date set, and it’s looking like it might be sometime in the spring of 2020.
The new sports betting bill is obviously focused on sports, but the new law will also allow for up to six new casinos to be built in the state of Illinois. Along with the current casinos and racetracks being able to apply for a sports betting license, seven stadiums in the state can apply for one as well.
These stadiums can offer sports betting inside of their buildings or walls, or they have a set radius to establish a sportsbook. The license fees in Illinois are some of the highest in the country, but casinos and businesses are expected to pay whatever it takes for a chance to offer sports betting.
What Will Set The Illinois Sports Betting Industry Apart?
The fact that Illinois will allow sports betting in and around the biggest stadiums in the state should help to bring in a ton of revenue. The city of Chicago is one of the best sporting cities in the United States, and it will soon be a leader in the sports betting industry.
Professional sports leagues and teams are lining up to partner with casinos and the sports betting industry, and they are chomping at the bit to get their hands on some of this money.
Currently, residents of Chicago are being forced to travel to Indiana to place their sports bets, but that will change as soon as things get launched in the Land of Lincoln. Iconic and popular teams are aplenty in the state of Illinois, and those teams will help drive sports betting when things get up and running.
Why No Mobile Betting Applications?
The state of Illinois will allow casinos and racetracks the opportunity to establish their own online sports betting applications, but that’s not where the big money is. Illinois is going to keep the big sports betting companies out of the state for the foreseeable future, and it’s going to cost the state some much-needed revenue.
Illinois has been in a legal battle with companies such as DraftKings and FanDuel over the last few years, and it will require an 18-month waiting period for those companies to apply for an online betting license in Illinois. The sports betting bill will allow for three online sportsbooks to be established, but the license will also cost those companies $20 million.
Both FanDuel and DraftKings are expected to apply for a license in Illinois when the waiting period is up, but it’s hard to see that coming anytime before 2022.