Illinois now joins the list of US states that have legalized sports betting. Yesterday, Illinois Governor J.B. Pritzker has signed a gaming expansion bill. This law will allow for the opening of a casino in Chicago, as well as legalize online sports betting across Illinois.
Illinois is a large market that is the third most populated city in the US. And for US states with sports betting, Illinois is the sixth most populated one. If you want to get into the sports betting business, you can read our tutorial on how to be a bookie.
Sports Betting in Illinois
Getting into the sports betting industry is becoming more popular and lucrative, especially for pay per head bookies. When you want to maximize profit, its best to outsource your operation to a sports betting software platform. The software will help organize your sportsbook and provide players with a site they can use. This is especially good since there is an upward trend in online and mobile betting.
In the case of Illinois, for example, the law now overs over 12.5 million residents, which is a very large betting market. Land-based facilities will be able to take in wagers in places like Wrigley Field and Soldier field, race tracks, and casinos. The process, of course, will take longer. Accreditations will have to be processed, and wagers would probably be accepted next year. But operators are hopeful they can get online and mobile wagering up and running within the year, which we will see in bookie news announcements.
So far, the terms of the law are pretty standard for US sports betting. Bettors will have to register in person first. The base tax rate will be 15% of total winnings, which is certainly higher than other states at 10% or less. There are other limits on wagering and requirements for data licensing as well.