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Illinois Finally kicks off Regulated Retail Sports Betting
By GP News Team Mar 12, 2020 IndustryEddie Olczyk places the first legal Illinois sports bet at the newly launched BetRivers Sportsbook. Six more sportsbook operators with temporary permits expected to roll out in the coming weeks.After months of waiting and preparations, locals in Illinois can now bet on sports without fear of breaking the law. While the first official wager in the state was placed on Monday, Illinois became the 15th state to legalize and regulate sports betting after a massive gambling expansion bill was signed into law by Gov. J. B. Pritzker 9 months ago. Operators are now free to open their doors for betting as long as they follow the right channels.
Illinois' First Official Wager
First in line to place the first legal sports bet in the Prairie State was Eddie Olczyk, an American professional hockey analyst and colon cancer survivor. He staked $100 on White Sox to win the American League pennant at 16-to-1 odds. After placing his first wager, he promised that should his bet win, the payout will go to colon cancer research at Northwestern Memorial Hospital.
For the last 8 months since Governor Pritzker signed the sports betting bill into law, 5 casinos and one racetrack within the state have already successfully applied for a sports betting license. Now that the activity is officially underway, locals should expect more sportsbook venues to come up. Other than casinos and racetracks, sports stadiums in Illinois can also apply for the sports betting licenses from the Illinois Gaming Board, the body in charge of issuing them.
The BetRivers Sportsbook at Rivers Casino was the first betting facility in the state to be approved by the Illinois Gaming Board. The facility is a 4,840 square foot bar for sports betting boasting of five windows, a 47-foot wide video wall and 30 sportsbook kiosks.
In anticipation of college basketball's March Madness, The Argosy Casino in Alton announced that they'd be taking wagers in their brand-new sportsbook on the 16th. This will be 24 hours before the first four games of the March Madness begin. Penn National Gaming will operate the sportsbook at the Argosy Casino.
Gold Mine for the State Economy
The governor's office at the time of signing the massive gambling expansion bill into law had foreseen the enormous potential for tax revenue from sports betting. These funds would then be used to bankroll the state's capital construction programs of new roads, schools, bridges, hospitals, and affordable housing, among other functions. Moreover, this new industry will also create thousands of employment opportunities for locals.
Back in December 2019, a renowned research and consulting firm, the Global Market Advisors projected that locals in the Prairie State could spend up to $5.2 billion annually on sports wagers. And this is within four years after sports betting goes live in the state. Should these figures be accurate, Illinois could beat Nevada at its own game in subsequent years, given that Nevada is expected to be plunking about $5.5 billion by 2023.
The Global Market Advisors further added that even if things don't go as expected, Illinois would still be handling a cool $2.8 billion in sports wagers on the lower side by 2023. In that case, the Prairie State would be a proud no. 6 behind California, Texas, Florida, New York and of course Nevada according to the projection handles by the same company.
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