3 Companies Applied For An Illinois Online-Only Sports Betting License. Here’s What That Means For Mobile Registration
A third attempted to apply but was 13 hours late. Just three mobile-only licenses are available for purchase.
Although these businesses are private, the work of applying is crucial. The Sports Wagering Act provision requiring in-person membership is terminated once the IGB issues an online-only license.
HB 3136, which is on Gov. JB Pritzker’s desk, also gives a March 5, 2022, end date for in-person registration. So assuming Pritzker signs the bill, online sportsbook registration in Illinois will return on March 5 — or sooner, if the IGB issues a mobile-only license before then.
The news came on the same day that the IGB reported its highest sports wagering month of all time. The Land of Lincoln took in $840.4 million in October sports bets, clearing the previous highwater mark by more than $200 million. A $1 billion month is in clear reach.
And the best appears to be yet to come. Let’s reset the Illinois sports betting market and put Wednesday’s online-only application news into context.
Before March 5th, did IGB issue an online permit?
Here’s what the Sports Wagering Act says about the timeline of online-only licenses:
& ldquo: The Board must receive applications for the initial competitive selection that take place after this Act’s effective date within 540 days of the first license that is issued in accordance with the Act in order to be eligible. Within 630 days of the first license being issued under this Act, the Board must declare the successful bidders for the first dynamic selection. The Board may extend this deadline at its discretion. & rdquo,
On December 3, when applications were expected, the 540-day mark was reached. As a result, the 630-day mark on March 3 is extremely close to( not by accident ) March 5.
The law only needs to proclaim the successful bidders; it does not specify that the IGB must concern the license within those 630 days. So, unless the IGB moves more quickly than it has in the past, it appears that March 5 does arrive before an online-only license is issued andmdash.
The price tag of$ 20 million was not too high for operators.
Previously, there was concern that the $20 million price tag for a mobile-only license would scare off operators. Ultimately, that was not the case.
Illinois cleared $800 million in October handle with just six online sportsbooks. That’s way less than most comparable markets, and operators likely concluded that the upfront fee was worth it in the long run.
By the end of 2022, IL may have a double-digit range of casinos. We are unsure of which casinos have applied, and the options are truly limitless.
We are aware that companies like BetMGM, Bally Bet, Unibet, theScore Bets, Golden Nugget, and WynnBET are vying to enter the Illinois sports gambling business. These businesses either currently or in the coming have access to land-based markets.
The three candidates might remain on that listing. It & rsquo, it’s also possible that they are not because market access is not required with the online-only license.
There’s a good chance that when the IGB announces the candidates, some string names will appear.
For Illinois casinos, a$ 1 billion March is in the works.
Online registration will almost certainly be back in time for March Madness. And based on the robust October numbers, there is a legitimate reason to think that Illinois could clear $1 billion in March handle.
Prior to March 2021, the Prairie State & rsquo had a high handle of$ 633.6 million. From October 2020 to October 2021, the control almost doubled.
March is a very well-liked betting month to start with, but there are many factors at play in Illinois & rsquo’s favor.
Many people will likely want to sign up for already live online sportsbooks after in-person registration expires, but they haven’t wanted to go to a physical sportsbook to do so.
Additionally, some innovative sportsbooks should be released in March if the IGB takes prompt action. As a result, prizes and sign-up offers will be in high demand, which juices can handle.
Although the journey to this point has not been without its challenges, the prospect is very promising for Illinois sports betting.