Illinois Moving Towards Launching Sports Gambling

Illinois Moving Towards Launching Sports Gambling

Illinois is now steps closer to launching sports betting operations. Earlier in the year, Gov. J.B Pritzker signed a massive gambling expansion bill allowing for casinos at six different places in the state and also legalizing sports betting.

The process to launch sports betting had been ongoing. However, it is now that licensed gambling facilities in the state can apply to open sportsbooks.

On Thursday, the state gambling regulators started accepting applications from licensed gambling facilities like casinos, race tracks and large stadiums seeking to host a sportsbook.

While the process to launch sports betting is ongoing, Illinois Gaming Board administrator Marcus Fruchter said that he is still not sure when bettors will be able to wager on their favorite sporting events in the state.

Mr. Fruchter also confirmed that the board will be releasing the second phase of rules on operation procedures during the first quarter of 2020. He said that following the publication of the rules the state would start issuing temporary permits β€œin a timely manner.”

The cost of the sports betting license in the state is $10 million. There are a total of 10 casinos in the state and three racetracks that may apply for sports betting license.

As per the existing sports gambling regulations, online betting companies like DraftKings and FanDuel will not be allowed in the initial stage. They will be allowed to launch in the state only after 18 months. The price for the sports betting license for these online gambling operators is fixed at $20 million.

However, the land-based gambling facilities in the state can launch their own sports betting app. According to the reports, the majority of the gambling facilities in the state have confirmed that they would be applying for a sports betting license.

Leave a Reply

Your email address will not be published. Required fields are marked *