Sports betting is now legal in Illinois. We don’t have an exact timeline just yet of when exactly everything will launch, but we do have one of our first partnerships in the state between an operator and a supplier.
PointsBet, an Australian based sportsbook provider, announced a 20-year partnership earlier this week with Hawthorne Race Course in Cicero, Ill.
Sports betting is legal both in-person and online in Illinois, and PointsBet was excited to form this partnership with a betting facility located in such a highly populated area (9.5 million, third-largest in the U.S.). Not too many details of the partnership were disclosed, and there is no timeline as to when this sportsbook, or any, will launch in Illinois, mobile or retail.
Different Kind of Betting
PointsBet is a different kind of sportsbook. While they do offer traditional odds and betting styles, they have one distinct difference than other sportsbooks. PointsBet allows bettors to bet based on the difference in final results as opposed to just win/loss results.
For example, a bettor can place $100 on the over of a particular NBA game where the total is 200. For every point over 200, the bettor wins $100. So if the final score were to be 220, the bettor would win $2,000.
However, it isn’t all good news. If the bettor made the same bet at the same amount on the under 200, the bettor would, in turn, lose $2,000. So it evens out in the end. This type of betting can be both highly rewarding and highly costly. The fun aspect of it is that every game matters until the last second. Every point, every run, every goal counts and can be worth a lot of money.
There are a number of further details that can be found on the PointsBet website as to how exactly “Points Betting” works. Bettors can also limit the amount of money they can possibly lose on a bet so that they don’t go bankrupt on one particular bet. However, doing so reduces your odds when you win.
Lots of Potential
According to a 2017 study from Oxford Economics, Illinois has the potential to see more than $8 billion in annual sports betting handle. This has Johnny Aitken, CEO of PointsBet USA, “ecstatic” about their entry into Illinois.
Under Illinois law, PointsBet won’t be able to use its brand in their partnership with Hawthorne Race Course.
That doesn’t mean that PointsBet is going to be taking this partnership lightly. “PointsBet will bring its best-in-market proprietary technology, modernized and premium brand mentality, expert trading practices, and proven growth marketing strategies to Illinois’ eager sports betting market,” they said after the announcement of the partnership.
With other major companies like DraftKings and FanDuel having to wait 18 months to enter Illinois thanks to the new sports betting law, PointsBet is in a position to dominate the market in the beginning.
PointsBet and Hawthorne will also launch wagering at off-track betting facilities throughout Illinois.