bet365 Receives Approval to Launch Sports Betting in Illinois
UK-based operator bet365 has been awarded a sports betting license in Illinois.
When it launches, bet365 will become the tenth sportsbook in Illinois.
LISTEN TO THIS ARTICLE:The operator received a Management Services Provider License from the Illinois Gaming Board, allowing it to commence in-person and mobile sports betting services in the state via a partnership with Walker's Bluff, which was granted a Master Sports Wagering License.
The joint venture will see sports wagering services delivered at the resort and online statewide.
After attaining the license, Bet365 will launch in the Illinois sports betting market, which is ranked as one of the most lucrative in the US.
The bookmaker will become the tenth operator in the state, alongside established brands like BetMGM, Caesars, Fanatics, BetRivers, and market leaders DraftKings and FanDuel.
Illinois Sports Betting Market Growth
As of October 2024, the nine sportsbooks operating in the Prairie State have generated about $11 billion in sports bets, representing a 23% year-over-year increase.
Furthermore, in October, Illinois achieved an all-time high betting handle of $1.45 billion and surpassed $40 billion in total sports wagering handle, making it the fourth state to achieve this feat, alongside New York, New Jersey, and Nevada.
A 2024 wagering update recently released by the Illinois Commission on Government Forecasting and Accountability revealed that state tax revenues from wagering activities for the first 11 months of 2024 totaled $2.08 billion, up 4.8% from last year.
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Illinois New Betting Tax Regime
While Illinois offers promising prospects, its newest tax structure may seem challenging to new operators.
In June, Governor J.B. Pritzker formally enacted a progressive state sports wagering tax as part of the state's budget legislation.
The new progressive tax structure features a sliding scale ranging from 20% to 40%, surpassing some states' flat rates and only behind New York's 51%.
However, Bet365 will not be subject to the maximum 40% tax rate, as it applies only to adjusted gross revenue exceeding $200 million, a threshold the operator has yet to achieve in other comparable sports betting markets where it operates.
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