The people of Illinois that are in favor of legal sports betting are celebrating. Marcus Fruchter of the ‘Illinois Gaming Board’ told the ‘Chicago Sun’ that applications will be accepted starting on December 18th, 2019. People who have long awaited this move are rejoicing and calling it ‘an early Christmas. The actual date that sports betting will be legal in Illinois has not been announced, insiders are saying early 2020. The move to legalize sports betting in Illinois was made possible by voters earlier this year. The bill that passed, is the same with an umbrella cause that could pave the way for a casino being built in Chicago.
Venues Around the State
There are several venues that are already in business that could allow sports betting. Racetracks, casinos, stadiums mobile units, and lottery vendors. There are some strict stipulations that will be enforced as Illinois settles into legal sports betting. Fruchter advises that the stand alone mobile operators such as Draftking and Fanduel will have to wait for a period of time. Those operators can not apply for a sports betting license until 18 months after legal sports betting has started in Illinois. The cost for the licenses for the mobile operators is a scorching $20 million. Fruchter said that can push some operators out of opportunities and prevent others from entering the industry. Fruchter with the profits being what they are in legal sports betting, it will still allow new entrepreneurs the opportunity to enter the industry.
In the first period of time when Illinois mobile operators can attain a license, will only be available for three operators to start with. Which three operators will be given the opportunity to get the license has not been announced yet. An issue in Illinois from the past that had been a bone of contention is still at play with the new development of legalized sports betting. The registration at casinos for sports betting must be done in person. This will be a requirement for the first two years of legalized sports betting. Although Illinois is going about in a very slow way, supports and gaming experts say, ‘there are a few kinks that have to be ironed out, but once it moves along, there will be a lot of opportunities.
Support is There
J.B. Pritzker the governor of Illinois was a strong supporter of legalized sports betting. Pritzker rallied lawmakers to stand with him and make sports betting legal in the state. He said the people of Illinois would benefit greatly if legalized sports betting passes. The state has been battling budgeting issues for the past few years. Pritzker said in February he expected the state would earn $200 million from the licenses in the newly passed industry, and it could towards the 3.2 billion dollar budget. In addition to the upfront licensing fees, operators would pay a yearly $5000 renewal fee. Prtizker said since there already is gambling in Illinois, allowing another arm of gambling into the state is all positive.