BREAKING: Chicago City Council Lifts Sports Betting Ban, Which Means Stadium Sportsbooks Are A Go

The Chicago City Council decided on Wednesday to lift the city & rsquo’s ban on sports betting, which will allow retail sportsbooks to enter Chicago stadiums.

A 2% income will also be levied on the earnings from sports betting.

Under the 2019 Sports Wagering Act, sportsbooks are allowed in facilities in Illinois. However, sports betting restrictions existed in Chicago that needed to be removed for progress to be made.

At Wednesday’s meeting, the ordinance of Alderman Walter Burnett was passed. Earlier, at the Zoning and License meeting on Monday, a number of Chicago sports franchise owners, including Tom Ricketts of the Cubs, Rocky Wirtz of the Blackhawks, and Jerry Reinsdorf of the Bulls and White Sox, spoke in support of stadium betting.

On Wednesday, Ricketts spoke about the deal the Cubs have already established with DraftKings to construct a sportsbook at Wrigley Field.

This process hasn’t been entirely smooth, with some notable officials and business owners openly criticizing each other.

Here’s a description of how we arrived at this point and what the future of sports venues in Chicago will look like.

Bluhm was the most outspoken opponent of Chicago’s stadium activities gambling.

Neil Bluhm, who co-founded Rush Street Gaming, was strongly against betting in Chicago stadiums. Rush Street is behind two out of the five casino bids in the city, and Bluhm did not wish to face competition from sports venues.

Bluhm saidNovember:

“A gambler who also engages in table games and slot machines is likely to be a sports player. This accounts for 20% of our business, and this is purely conjectural discussion.”

Mayor Lori Lightfoot has been a long-time supporter of wagering in Chicago stadiums. In response to Bluhm’s remarks, she stated:

Some who already utilize sportsbooks in their own casinos have issued ominous warnings, trying to prevent their development in Chicago. However, they have not provided any compelling evidence to support their claim that sportsbooks could potentially harm a casino in Chicago. We have not witnessed any proof to substantiate this assertion.

and added:

We often hear from individuals who stand to gain from stopping sports teams from operating their own sportsbooks, including those referred to as ‘We’. However, talk is just talk. I am interested in facts and data.

At the Monday meeting, Reinsdorf engaged in private discussions with Bluhm, during which he questioned Bluhm’s intentions. The owner of the Bulls and White Sox stated:

“It’s perplexing that Neil Bluhm, despite his opposition to sportsbooks in our buildings, has consistently sought to run them. This occurred well after the approval of blackjack in Chicago.”

He went on:

“At that point, he was uncertain about his decision to run a game in Chicago and didn’t worry about the selected person being exploited by these books. Would we be holding this conference today if he had succeeded back then?”

Bluhm stated that the city plans to open five mini-casinos, although he didn’t deny Reinsdorf’s claim. Ricketts mentioned that a sportsbook would be more like a sports bar-restaurant, and he assumed that many people would visit them without placing bets.

What does the future hold for us?

The following locations are now able to offer retail sports betting, following the passing of the law:

• Field Wrigley
• Guaranteed Rate Discipline
• United Center
• Soldier Field
• Arena Wintrust

Ricketts announced that they will immediately commence their betting construction with DraftKings, hoping it will be launched before the 2023 campaign.

Not all other venues have formal alliances. However, it wouldn’t be surprising to see some new offerings in the near future.

It’s worth noting that heavy FanDuel branding is present at the Bulls and White Sox games. However, the United Center is shared by the Bulls and Blackhawks.

It seems probable that four out of these five venues will eventually provide retail sports betting. The situation at Soldier Field remains uncertain, given that the Bears may relocate to Arlington Heights.

Bluhm commented on the financial implications, saying:

If we are correct, the city could lose between$ 10 million and$ 12 million annually, which could make the new Chicago casino less successful. & rdquo,

The city predicts that these sportsbooks will generate an annual revenue of approximately $400,000-$500,000. However, it’s important to note that this is a relatively new idea, making it difficult to forecast accurately.

No matter who is correct, sports betting is on its way to stadiums in Chicago. The sports wagering industry in Illinois is thriving, with even greater developments anticipated in the future.