Latest News in Illinois Gambling World
If you want the latest news and updates about Illinois gambling, then you have come to the right place. 2021 is shaping up to be an exciting year for Illinois gamblers. If you are one of them, then you will be interested to go through the latest news and updates that have been listed in this comprehensive news digest. This is the best time to start investing in a great sports betting platform.
State HB-3142 is Set to Legalize Online Gambling in Illinois
Illinois House of Representatives Bob Rita is one of the main lawmakers who has campaigned for the legalization and regulation of gambling in the state. Rep. Rita was one of the primary brains behind legalized sports betting in the state and has now turned his attention to online gambling. Rita filed HB-3142 with the Illinois state house, which would effectively allow casino operators in the state to branch out and establish their own online casinos.
One of the major reasons why HB-3142 is receiving bipartisan support is the significant amount of tax revenue that it will help bring in for the state. Illinois has also been subjected to a large financial crisis due to the COVID-19 crisis and it is desperately looking for ways to bring in more revenue. This bill will also bring in a lot of money in the form of license fees, applications fees and renewal fees.
Since sports betting was legalized in the state, it has brought in more than $125 million in tax revenue alone. The bill would also empower the Illinois Gaming Board, also known as the Illinois Gaming Commission to oversee all offline and online wagering events in the state. The bill also proposes a license fee of $500,000 and a periodic renewal fee of $250,000. By late 2021, online gambling will be legal in Illinois.
This push for legalization has come through because of two main reasons. The first is the fact that all states are struggling to find a steady stream of income due to the decreased aggregate demand. The second is that Illinois’ neighboring state Michigan has legalized online gambling recently and has seen a massive inflow of revenue. The law would also permit the IGB to regulate the casinos and providers under the existing Illinois Gambling Act.
BasStool Poised to Make an Entry Into the IL Market
When it comes to the latest Illinois sports betting news, it is important to talk about the launch of the BarStool sportsbook. When sports betting was legalized, the first entrant into the new market was William Hill – who joined right in September 2020. They were followed by BetRivers, DraftKings, FanDuel and PointsBet. BarStool thus becomes the sixth sportsbook to make an entry into the highly active and competitive sports betting industry in Illinois.
According to Illinois law, the online sportsbook cannot be offshore and has to be tied to a land casino in the state. BarStool is teaming up with Hollywood Casino in Aurora IL, which is one of the best and most well-known providers in the state. Penn National Gaming – the parent company of BarStool – announced recently that the IGB has approved their proposal. They are all set to launch the app directly on March 11 2021.
BarStool is one of the most popular sports betting options in the neighboring states of Michigan and Pennsylvania. In Michigan, BarStool is a close competitor of DraftKings and FanDuel – who have carved out quite a large share of the market. DraftKings is one of the largest names in the world of sports betting – with more than $200 million in revenue from PA alone. They are going to be very tough competition for the BarStool brand.
The other sportsbooks invested in a huge publicity effort prior to their launch – by taking out ads and promotional emails and what not. However, BarStool is not making such a huge deal out of their entry into the IL market. They have a pack of loyal social media fans, who call themselves the “Stoolies”. This fanbase is doing a lot of the publicity for them. The IL market is all set to become highly competitive.
Major Updates from the NFL – Bears Get 2 Extra Picks & Dak Prescott Gets $160 Million
NFL 2021 is set to be one of the most competitive and active seasons of football that North America has ever seen. Due to the 2020 season being tamped down, the 2021 season is widely expected to be held with a lot more pomp and circumstance. If you’re interested in the latest news and updates about Illinois gambling, then you will be interested to know that the Chicago Bears have received 2 compensatory draft picks.
The league announced on 10 March 2021 that the NFL teams which lost free agents in the past season would be awarded upto 4 compensatory picks in the upcoming April 29-May 1 draft pick. In this year’s draft, the Bears will get to choose between 8 total picks. While the Dallas Cowboys received the maximum number of free picks, it is apparent that the Bears are among the teams who stand to benefit the most.
Ever since the rule change regarding draft pick trading, these 2 extra picks that the Bears are going to enjoy is a really big deal. Another team that received the highest compensatory pick are the New England Patriots who lost out long-time member Tom Brady. This year, Tom Brady joined the Tampa Bay Buccaneers and helped them win their very first Super Bowl. That is why the Patriots have a total of 9 picks now.
The Dallas Cowboys’ star quarterback Dak Prescott also managed to secure a 4-year $160 million deal with the team. This contract would essentially make him the highest paid QB in the history of the game. This is a landslide win for Prescott, who will have his share of revenues in the next four years. One of the major sources of extra revenue is from the legalization of sports betting in Illinois, Michigan and other states.