Analysis: What Will The Illinois Gambling Industry Look Like In The Future?

The passage of the Illinois gaming expansion bill in 2019 significantly disrupted the state’s status quo. Illinois now boasts a premier sports betting market and is expected to eventually host over 15 casinos operating within the Land of Lincoln.

Although the past two years have been exhilarating, we are still in the initial phases of the Illinois game. Our perspective on issues will change in five, ten, and fifteen years from now.

In June, Illinois was ranked as the number one sports betting market in the US, with a handle of $476.5 million. It also secured a position in the top two in May.

Despite Illinois having in-person sportsbook registration since April, residents are still unable to place bets on Illinois college teams.

Despite the undeniable success of sports betting in Illinois, there are evident issues that need addressing.

The Illinois Gaming Board (IGB) has not yet distributed any of the six new casino licenses that the legislature approved over the past two years. Furthermore, the highly-anticipated license for a Chicago casino is not attracting much interest.

Right now, we’ll attempt to predict what the Illinois game industry will look like in five years.

What could be the typical total handles for sports betting? How many sportsbooks are accessible? Was online casino gaming allowed at that time? Are there any new games expected here?

Let’s begin with everything.

In five decades, sports gambling in Illinois

We should have online sports betting membership in Illinois.

The expectation is that we will be able to register for casinos electronically in 2022. The lawmakers did not intend for the in-person membership to be permanent.

Illinois should also permit wagering on in-state college teams by then, in some form. A bill that would legalize in-person, in-state collegiate betting was passed by the House in the spring. The Senate is expected to vote on the bill in either October or January.

Given that the act was approved 96 to 11 in the House, it’s highly likely that it did pass the Senate.

Finally, will we be able to place bets electronically on teams like Illinois, Northwestern, etc. in five years? However, that’s where the uncertainty lies.

Rep. Michael Zalewski, a prominent advocate for repealing the in-state college betting ban, suggested to Play Illinois that the in-person compromise could be a gradual policy move towards online legalization.

If everything goes according to plan for the in-person condition, there is a high chance that the ban will be fully lifted by 2026.

Sports gaming handle for upcoming casinos

Currently, Illinois only has six online sportsbooks; however, this number is expected to increase significantly to well over 10 in the next five years. It even seems reasonable to set the estimate at around 15.

Interest has already been expressed by BetMGM, Unibet, Bally’s, theScore, and Golden Nugget. While some of these brands might consolidate, the reintroduction of online registration in Illinois could attract additional attention.

How about forecasting the average monthly handle? For the Fiscal Year 2021, Illinois recorded a handle of $5.1 billion with an adjusted gross revenue of $380 million.

Eric Noggle, a senior analyst at the Illinois Commission on Government Forecasting and Accountability, referenced an Oxford Economics study during an interview with Play Illinois. The study suggests that the state’s annual gross revenue could significantly surpass its current levels.

Noggle wrote in a message:

According to a study from Oxford Economics, Illinois could probably generate between$ 384 million and$ 680 million in adjusted net bet records annually prior to the state’s legalization of sports betting. Figures from Illinois & rsquo’s first year are already close to this lower range. & rdquo,

Assuming Illinois generates approximately $500 million in revenue every five years, this translates to an approximate annual revenue of $6.7 billion, in contrast to the $5.1 billion achieved in the financial year 2021. The month of March was the most profitable this year, bringing in $633.6 million.

In simpler terms, Illinois may occasionally reach the $1 billion mark over the next five years. However, it’s challenging to confidently predict regular handle totals since the US constitutional market is still very new.

It’s highly probable that by 2026, several retail sportsbooks will be present at Chicago stadiums. Plans for one are already underway at Wrigley Field, and the city of Chicago has initiated measures to turn stadium sportsbooks into reality.

Will there be an online game in Illinois in 5 years?

Then, that is the million-dollar question.

Industry sources are increasingly pessimistic that Illinois will pass online casino legislation in the near future. However, there is still optimism that it may be approved within the next five years.

In early 2021, the House and Senate introduced costs for online casinos, but both failed to gain traction.

Tom Swoik, the professional director of the Illinois Casino Gaming Association, stated:

Up until about a month before, I believed that our chances were better. As far as I can tell, the video game community is prepared and vehemently opposed to it. Although I’m not exactly sure how that would work, I believe there are ways that video game providers could get involved in online betting andmdash five years from now. & rdquo,

The Video Gaming Terminal (VGT) sector in Illinois is strongly against online casinos due to concerns about market cannibalization. Currently, the main obstacle is that numerous politicians are supporting the VGT sector, as these machines provide a source of income for bars and restaurants that are severely affected by the COVID-19 pandemic.

VGTs also generate substantial revenue for the state, bringing in $64.8 million in taxes in July. This, coupled with the fact that newly approved casinos are yet to become operational, has caused a reluctance to further promote online casino gaming.

Swoik declared:

“Andldquo, I believe it is possible in the future. However, the need for new income is currently less pressing than it was a year or two ago, thanks to the recent expansion in gambling expenses and the influx of federal funding. & rdquo,

That being said, there appears to be a political inclination towards supporting online casinos in the long run, as indicated by the proposed legislation in 2021. The issue at hand is significantly affected by local elections, given that the state legislature in 2026 will undoubtedly differ from the current one.

How some games will there be in Illinois in five years?

There are 17 casinos that have potential for There & rsquo.

The company predicts that a minimum of five new gambling operations will be up and running by 2026, even in light of the slow yet consistent approvals of new venues by the IGB. This is in conjunction with two brand-new establishments, including FanDuel Sportsbook and Horse Racing, both situated at Hawthorne Race Course.

A Chicago-based casino may not be operational by that time, but more details will follow shortly.

Thanks to the game growth law, new casinos are now allowed in six specific areas of the state. These areas are:

• Rockford
• County of Williamson
• Waukegan
• Danville
• neighbourhoods in the southern
• Chicago

The IGB has deemed both Rockford and the County of Williamson “preliminarily suitable” for a license, and thus, they should be the first to open.

The slow process is causing frustration among bidders for the other licenses. However, as one source expressed, “five years from now is a long time.”

Regarding the Chicago game

Chicago has earmarked 2025 as the launch date for its “mega-casino,” however, it’s fair to state that so far, nothing has gone according to plan in the process.

The “Request for Proposal” deadline has been pushed back by the city from August to October 2021, reportedly due to insufficient interest from operators. High-tax rates have been cited by potential bidders as a reason for not participating in the process.

Swoik believes that users might be interested if it weren’t for the current tax rates.

“I believe there will be another attempt to change Chicago’s tax structure in the upcoming session.”

The program is scheduled for January.

The process could potentially be delayed even more, casting doubt on the five-year window. The sole company currently known to be interested in the Chicago casino license is Rush Street Gaming, the proprietor of RiversCasino.

Many of these issues still lack clear answers to questions like who, where, what, how, and when (and occasionally, why). However, one thing is certain – there will be plenty of gambling options in Illinois five years from now, as well as a lot of gaming news to follow until then.