Illinois Records Historic Sports Betting Volume of $447 Million in November
Illinois Sports Betting Rakes in Record Revenue, Despite COVID Hiccups
In the recently released numbers, Illinois' Sports Betting revenue for November hit a staggering $447 million, outpacing October's record by a mere 3%. Despite a temporary setback due to the COVID-19 resurgence in the state, causing closures of casinos back on November 17, the market showed impressive resilience.
The total "Illinois handle" took a hit but managed to recover, with a 9.17% hold rate for the sportsbooks. The 15% tax on adjusted gross revenue amounted to approximately $6.15 million for the state. The state became the sixth overall and the second this week to surpass the $1 billion threshold for sports betting handle since its launch, a significant feat considering the market's rapid growth in under eight months since its inception in March.
The pandemic, coupled with the unavailability of mobile sports betting apps until mid-June via executive order from Gov. JB Pritzker, initially posed challenges. However, repeated renewals of the executive order have enabled the market's steady growth. The latest renewal is set to expire on February 6, implying an eighth overall renewal is likely, considering the expiration date is prior to Super Bowl LV.
Super Bowl LV: A New Era for Novelty Prop Bets
With the Super Bowl smack dab ahead, Illinois' sports betting market is gearing up for the big event. Illinois saw its first shot at novelty prop bets this year, with the Illinois Gaming Board approving wagers on all events organized or sanctioned by the National Football League. The approval included any occurrence related to the conduct of the sports event.
However, the board's guidelines set limits on the type of bets allowed, restricting them to activities directly within the control or jurisdiction of the NFL and/or individuals subject to the NFL's integrity policy. Potential permissible bets include the coin flip, number of penalties, and total length of the halftime. Impermissible bets include television broadcast-related bets such as announcers' wardrobes, the order of commercials aired, content related to The Weeknd's halftime show, and actions or statements of individual coaches, players, NFL, or team officials, fans, etc.
Thus, fans in Illinois will not find markets on whether players will say they're "going to Disney World" or announcing their retirement. The decisions aim to maintain the integrity of the state's sports betting market by avoiding wagers that are unconnected to the conduct of the Super Bowl and lack sufficient safeguards and oversight.
Hard Rock Casino Aims for Preliminary Approval
During the meeting, Hard Rock Casino gave a presentation for obtaining preliminary suitability for a casino in Rockford. This move builds on the gaming expansion bill Gov. Pritzker signed into law in June 2019, which allowed five locations in the state to open a casino.
If given the green light, the Hard Rock Casino intends to offer an annual economic output of $282 million, with a high-visibility location along Interstate 90 in northwest Illinois. Construction is projected to last 18 to 24 months and will feature 1,500 slots, 55 tables in 64,000 square feet of net gaming space. The temporary casino, consisting exclusively of slot machines, could open within 90 days of receiving a license.
The Board will hold a closed session on February 4 to discuss their findings before reconvening in open session later that day. The regulatory body also unanimously approved a request by Full House Resorts to amend its ownership license application, one of three groups vying to build a casino in Waukegan. Both Waukegan and South Suburban Chicago have open bidding processes for a casino operator.
- Amidst the approaching Super Bowl LV, the Illinois sports-betting market is preparing for a new era, as the Illinois Gaming Board approved wagers on all events organized or sanctioned by the National Football League, including the coin flip, number of penalties, and total length of the halftime.
- In a presentation during a recent meeting, Hard Rock Casino sought preliminary approval for a casino in Rockford, building on the gaming expansion bill signed into law by Gov. Pritzker in June 2019, which allowed five locations in the state to open a casino.
- If the Hard Rock Casino receives the necessary approval, it plans to offer an annual economic output of $282 million and features 1,500 slots, 55 tables, and 64,000 square feet of net gaming space, with the construction projected to last 18 to 24 months.
