3 Companies Applied For An Illinois Online-Only Sports Betting License. Here’s What That Means For Mobile Registration

Marcus Fruchter, the administrator of the Illinois Gaming Board( IGB ), announced on Wednesday that three operators and nbsp had applied for an online sports betting license.

An attempt to apply was made by a third, but they were 13 hours late. Only three licenses for mobile-only are available for purchase.

While these businesses are privately owned, the application process is vital. The requirement for in-person membership under the Sports Wagering Act is abolished once an online-only license is granted by the IGB.

HB 3136, currently awaiting Governor JB Pritzker’s signature, sets a termination date of March 5, 2022, for in-person registration. This implies that, provided Pritzker approves the bill, Illinois will reinstate online sportsbook registration on or possibly before March 5, if the IGB grants a mobile-only license before that date.

The announcement was made on the same day that the IGB reported its record-breaking sports betting month. The Land of Lincoln recorded $840.4 million in sports bets in October, exceeding the previous record by over $200 million. A $1 billion month is clearly attainable.

It seems the best is still on the horizon. Let’s reevaluate the Illinois sports betting market in light of Wednesday’s news about online-only applications.

Before March 5th, did IGB issue an online permit?

This is what the Sports Wagering Act states regarding the timeline for online-only licenses:

“The Board is required to receive applications for the initial competitive selection following the effective date of this Act within 540 days from the issuance of the first license in accordance with the Act for eligibility. The successful bidders for the first dynamic selection must be announced by the Board within 630 days from the issuance of the first license under this Act. The Board reserves the right to extend this deadline if deemed necessary.”

When applications were anticipated on December 3, it was the 540th day. Subsequently, the 630th day on March 3 is remarkably close (not coincidentally) to March 5.

The law only requires the announcement of the successful bidders; it doesn’t mandate the IGB to issue the license within the 630-day period. Therefore, unless the IGB accelerates its procedures compared to its past pace, it seems that March 5 will come before the issuance of an online-only license.

The price tag of$ 20 million was not too high for operators.

Earlier, there were worries that the $20 million cost for a mobile-only license might deter operators. However, this was not the ultimate outcome.

In October, Illinois processed $800 million through just six online sportsbooks. This is significantly lower than many similar markets, and it’s probable that operators decided the initial fee would be beneficial in the long term.

By the close of 2022, IL could potentially have a range of casinos in double digits. We don’t know which casinos have submitted applications, and the possibilities are indeed endless.

We know that companies such as BetMGM, Bally Bet, Unibet, theScore Bets, Golden Nugget, and WynnBET are competing to join the sports gambling industry in Illinois. These businesses currently have or will soon have access to land-based markets.

The three candidates may stay on that listing. However, it’s also possible that they won’t, as market access is not a prerequisite with the online-only license.

When the IGB announces the candidates, it’s likely that some string names will be included.

For Illinois casinos, a$ 1 billion March is in the works.

It is highly likely that online registration will be available in time for March Madness. Given the strong figures reported in October, it is reasonable to speculate that Illinois could exceed $1 billion in March handle.

Before March 2021, the Prairie State had a substantial handle of $633.6 million. From October 2020 to October 2021, the control nearly doubled.

March is already a popular month for betting, but several factors are working to Illinois’ advantage.

Following the expiration of in-person registration, it is anticipated that many people will want to register for online sportsbooks that are already live. However, they have not been inclined to visit a physical sportsbook to do so.

Moreover, if the IGB acts swiftly, some innovative sportsbooks are set to launch in March. This will lead to a high demand for prizes and sign-up offers, a demand that juices can readily accommodate.

Despite facing numerous challenges on the journey to this point, the outlook for sports betting in Illinois is highly promising.