Illinois sports betting reaches phase two of the rules package.

  • Phase Two of the sports betting rules in Illinois will give priority to businesses receiving their licenses first over others if they can bring in more revenue for the state.
  • Currently, all casinos nationwide have been shut down due to the Coronavirus pandemic.
  • Illinois has extended its statewide quarantine until April 30.

CHICAGOSports betting in Illinois ended almost as soon as it began because of the Coronavirus outbreak causing casinos nationwide to shut down as well as cease sporting events from occurring.

But the Illinois Joint Committee on Administrative Rules (JCAR) is using this time to solidify the Phase Two Rules package drawn up by the Illinois Gaming Board (IGB) on sports betting.

This approval came after a short ten-minute reading of the rules that was needed in order to get the finalized documents to the Secretary of State.

What’s Next?

The next meeting to discuss the Phase Two Package is expected to take place on April 21 or some time in May should the pandemic delay discussions. Governor J.B. Pritzker released an extension to the state’s mandatory stay-at-home order to go through April 30. Legal sports betting venues that had opened in the state will have been closed for six weeks by the time April 30 comes around.

As of April 1, there are seven different sportsbook locations that have either received temporary licenses to operate or are in the process of receiving those licenses according to the Illinois Gaming Board.

There are also four suppliers listed for licenses with the newest one being GeoComply Solutions Inc. Three management providers have also put in applications for licenses including FanDuel Sportsbook who is seeking a license to provide their sports betting platforms to the state of Illinois.

Revenue Effects

Sports betting revenue in Illinois is expected to see $200 million annually with their 25% tax rate on all bets made with sportsbooks. With the Coronavirus virtually closing the market in Illinois for the time being, the annual estimate marks may be skewed due to the lack of business.

But even while the operations have ceased, the Illinois Gaming Board is continuing to work behind the scenes to get all finalized rules to lawmakers for permanent licenses to be given out to all sportsbooks that have applied.

The approval of the Phase Two rules allows the IGB to prioritize which business will receive a permanent license first based on how much money they could bring into the state through the gambling on sports.

Once the quarantine has been lifted and sporting events resume, the Illinois sports betting market will finally be given the chance to strive toward their original revenue estimates as originally planned.

News tags: | | | | | | | |