- PointsBet has received the seal of approval to open up shop in the Illinois sports betting industry after getting their temporary license from the Illinois Gaming Board (IGB).
- News of the latest state to allow PointsBet entry into their sports betting market has led the stock price of the company to rise to $5.71 a share within hours of the announcement.
CHICAGO – Sportsbook operator, PointsBet (PBH) has been issued temporary licensure by the Illinois Gaming Board (IGB) to open both online and retail sports betting operations in Illinois.
The Australian sports betting platform provider has partnered with Hawthorne Racecourse to enter the Illinois sports betting industry. However, until the Racecourse receives their master license from the IGB, PointsBet cannot begin business.
This Partnership Has Been In Talks For Months
When Illinois sports betting became legal in 2019, PointsBet had been trying to gain entry into the state, and Hawthorne Racecourse was their ticket in.
The discussions for a partnership began not long after the legalization of gambling on sporting events. Once they became partners, the real work began.
“Pointsbet and Hawthorne Racecourse have been working in tandem towards building a world-class, multi-faceted sports entertainment venue centrally located at the Hawthorne Racecourse, together with several off-track betting outlets throughout the Greater Chicago area,” said PointsBet.
As soon as they are able to open their sportsbooks, they will be taxed at 15% on all revenue made by the market as is required by state law. Now would be the best time for them to launch their services to the people of Illinois because Governor J.B. Pritzker has momentarily lifted the “in-person” registration needed for the first 18 months of legalized sports betting to join an online sportsbook due to COVID-19 and the shutdown of all retail locations.
If the racecourse were able to get their license before that rule is put in place again, it would allow for more member sign-ups for PointsBet as it’s been found that gamblers prefer to sign up at their leisure and not by having to go to a location in order to do so.
Illinois’ Sports Betting Presence
PointsBet will be joining BetRivers as the legal online sportsbooks in the state of Illinois thus far.
BetRivers made history last month as the first-ever legal mobile and internet sports wagering outlet for Illinoisans. At the time, Rush Street Interactive (RSI), the operation behind BetRivers told LegalSportsBetting of their excitement for entering the online market in their home state.
“We are thrilled to debut the BetRivers.com sportsbook brand in our home state and offer sports bettors in Illinois the opportunity to enjoy the high-quality experience our customers in other states already experience,” said Richard Schwartz, President of RSI.
Once Hawthorne Racecourse receives their license to operate, PointsBet will be allowed to offer the sports bettors of Illinois a similar option like that of their existing competition in BetRivers via internet their outlets.
PointsBet has already opened its sportsbooks in Michigan and Indiana, now adding Illinois to that list.
Since the announcement of their temporary license was made public, the share price for PBH jumped to $5.71 a share which is $1.06 more than Wednesday’s closing price.
The Illinois sports betting industry is projected to bring in hundreds of millions of dollars in revenue once it becomes a mature market.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.