Online sports betting operators looking to enter the Illinois market will have until Dec. 3 to submit their application to the state.
The Illinois Gaming Board (IGB) set the deadline for operators who do not hold an IL sports betting license or are operating with a temporary permit. The IGB on Aug. 5 officially published the short and long form applications for the online-only sports betting licenses on its website.
The short form allows current ICB licensees to file an expedited application. The long form is for entities that are not already IGB licensees or Temporary Operating Permit holders. No bid will be accepted after the closing of the application period.
The selection process for the sports wagering operator licenses is governed by the Illinois Sports Wagering Act and the IGB Sports Wagering Rules. Both mandate numerous requirements and procedures that applicants and the IGN must complete before the bids can be publicly disclosed and the licenses awarded.
The IGN has 90 days to decide the bids. Each winning bidder will also be required to pay a $20 million fee to secure the license. Many sports betting operators have avoided the fee by partnering with a casino or racetrack in Illinois, a provision of the law.
It remains to be seen if a gaming company will pay the hefty fee to enter the lucrative Illinois market.
Illinois Summer Gaming
Similar to other states across the country, Illinois has seen its sports betting handle drop during the summer lull of the sports schedule. For the first time in 2021, Illinois did not reach the $500 million sports betting handle mark in June. The total handle came in at $476.5 million, down 6.1% from May’s $507.3 million.
Despite the lower handle, Illinois saw a higher sports betting revenue for June. Revenue totaled $47.5 million, close to the state-high set in January, while also increasing 31.2% over May’s $36.2 million. The hold in June for Illinois was 10%.
Overall, four of the top five sports betting states saw a decline in handle for June. The numbers will likely rise this fall with the return of college football and the NFL.
Online sports betting accounted for $451.7 million of June’s total handle, down 6.4% from May’s $482.5 million. June’s retail sports betting handle of $24.8 million was an increase of 0.2% from May’s $24.77 million.
FanDuel IL, partnered with Fairmount Park Race Track, posted the highest revenue total of any operator at $20.2 million, beating out DraftKings IL and Casino Queen ($13.6 million) and Midwest Gaming & Entertainment with Rush Street Interactive/BetRivers Illinois ($7.3 million).
Rush Street’s Midwest gaming and Entertainment led all retail sports betting operations in adjusted gross revenue, recorded $1.2 million.
