Circa CEO Derek Stevens: We’re Ready To Launch In Illinois

Sports bettors in Illinois who are eager to see what the Circa Sportsbook offers will have to wait a bit longer.

Yes, Circa is set to become the eighth sportsbook operator in the state. However, the timeline for this is dependent on the Illinois Gaming Board.

Derek Stevens, the CEO of Circa, informed Play Illinois on Thursday that Circa is technically prepared to start operations as soon as The Temporary by American Place Casino in Waukegan begins business. However, the regulatory process in Illinois doesn’t function in that manner.

Stevens said, “The casino must first open, followed by a certain period of operation, before it can introduce a sportsbook. In Illinois, the sportsbook must be inaugurated at a date subsequent to the casino’s opening.”

Furthermore, The Temporary has not yet announced an official opening date, but it is expected to do so this month.

Initially, the temporary casino owned by Full House Resorts was scheduled to open in October and then in December. It is speculated that Full House is merely awaiting approval from the IGB to declare the date of its grand opening.

Circa promises low hold, high limits to Illinois sports bettors

Stevens stated that when Circa, the sportsbook he founded in Las Vegas in 2019, launches in Illinois, it will provide a unique selling proposition specifically targeting high rollers. This includes a unique selling proposition of a lower percentage hold and an open invitation to big bets.

“Though we may have a slightly different number of players, I believe that a low-hold model which accepts larger bets is suitable for some clients,” said Stevens.

“I believe everyone will be interested in comparing prices, and this will become evident with Circa Sports. Once people understand our low-hold model through some of our future plans, they will realize its significance. This will be a crucial part of our focus for Illinois.”

Why did Circa choose Illinois?

Circa presently runs sportsbooks in Nevada, Colorado, and Iowa. The question arises – why was Illinois chosen as the fourth state for Circa to expand its operations? According to Stevens, the decision was made because “all the stars lined up for us” in Illinois.

“He stated that they believed their model was well-suited to the regulatory environment in Illinois. They successfully negotiated a deal with Full House Resorts and were enthusiastic about a new project in Northern Illinois. This situation was quite in line with their objectives,” he said.

The Temporary in Waukegan is projected to serve as a temporary location for the next two to three years. We are thrilled about collaborating with the Full House team to design a permanent sportsbook within The American Place, the permanent casino. The opportunity to contribute design input for both the temporary and permanent locations is quite exhilarating for us.

Circa operates several luxurious sportsbooks, the most famous being the Stadium Swim in Vegas. This unique location combines six massive swimming pools with a 40-foot tall high-definition screen for sports viewing and betting. However, an outdoor, swim-up sportsbook like this won’t be coming to Illinois for clear reasons.

How Circa plans to compete against existing Illinois sportsbooks

Seven reputable sportsbooks already operate in Illinois. Despite the market being saturated, Stevens is not worried about the competition, even as Circa plans to launch in the same environment.

“Stevens said, “There are 30 competitors in Colorado, quite a few in Iowa and obviously, a lot in Nevada.”

“I firmly believe that sports betting is still in the early stages of its development. All sportsbooks vary, with some models being more suitable for certain types of customers and others being best suited for a completely different kind of bettor. Therefore, I believe there’s ample opportunity for further growth in this industry. The market in Illinois has demonstrated great strength so far and we’re eager to make our mark there.”

Illinois ranks either second or third in the U.S. sports betting market, based on the metric used. The most current statistics from the IGB, up to October, place Illinois third in handle with almost $7.7 billion year-to-date for the first 10 months, and second in terms of sports betting revenue with close to $628 million.

“Without a doubt, we consider Illinois to be an excellent sports market,” stated Stevens. “Their enthusiasm for the numerous teams headquartered in Illinois is evident. Given the regulatory environment, the size of the population, and the presence of Midwest sports fans, we believe it forms a perfect blend.”

Strong growth for Circa in just four years

When questioned about what might be next for Circa after Illinois, Stevens chose to concentrate on the recent achievements of the four-year-old company.

In 2022, we expanded our business by opening our sixth location in Nevada, marking our first foray into the northern part of the state. This new location is in the Reno Sparks area, a tourist destination in the San Francisco and Bay Area. This expansion significantly contributed to the growth of our business in Nevada.

We are thrilled to embark on our second year in Iowa, our third year in Colorado, and to inaugurate our presence in Illinois this year. Our overarching objective is to expand Circa Sports in different regions across the country, depending on the regulatory environment. This move marks a positive progression for us. We anticipate growth in the three states where we are already established and look forward to launching in Illinois, marking our expansion into a fourth state.