Sports betting in Illinois is now a reality after the state passed a bill allowing for both online and retail sports betting.
Illinois residents can enjoy the convenience of being able to place bets from their own homes or visit one of the many physical sportsbooks located throughout the Prairie State.
Keep reading to learn more about the current sports betting scene in Illinois.
Overview of the state of sports betting in Illinois
Sports betting in Illinois has been legal since June 2019, when Governor J.B. Pritzker signed the bill into law. The state’s sports betting industry is regulated by the Illinois Gaming Board and overseen by the Department of Financial and Professional Regulation.
In addition to physical sportsbooks, online sports betting is also available through a variety of mobile apps and websites that have been approved by the IGB.
Bettors must be at least 21 years old to place wagers online or in person, and all operators must pay an initial licensing fee of $10 million as well as a 15% tax on gross gaming revenue from sports bets.
The types of sports betting currently available in Illinois
The most popular types of sports betting available in Illinois include point spread betting, moneyline betting, over/under bets, parlays, futures bets and prop bets.
- Point spread betting is one of the most common forms of wagering in which bettors must pick a team to win by a certain number of points.
- Moneyline bets are also popular as they involve picking a team to win outright without any point spreads involved.
- Over/Under bets involve predicting whether the total score for both teams combined will be higher or lower than the set line given by the bookmaker.
- Parlays, meanwhile, allow bettors to combine multiple wagers into one single bet with higher odds.
- Futures bets involve predicting an outcome that will take place at some point in the future such as who will win a championship or division title.
- Prop bets are wagers placed on specific events within a game such as how many points will be scored or which player will score first.
In terms of what’s available for bettors, they can choose from a variety of different sports including football, baseball, basketball and hockey.
How the introduction of legalized sports betting has impacted the economy
The introduction of legalized sports betting has had a positive impact on the economy of many states. In particular, it has created new jobs and generated additional tax revenue for state governments.
In 2022, Illinois received over $118 million in tax receipts, which was up considerably following a 51% surge in revenue from the previous year. This was good enough for Illinois to rank third in the U.S. in sports wagering behind only New York and New Jersey. This money will be used to fund various public services such as education and infrastructure projects.
The legalization of sports betting has also led to an increase in tourism and entertainment spending in certain areas. For example, New Jersey saw a significant boost in tourism after legalizing sports betting in 2018. This influx of visitors helped create thousands of new jobs and generated millions of dollars in tax revenue for the state government.
In conclusion, sports betting in Illinois is growing rapidly, with more people taking part in the activity and more states in America legalizing the popular form of entertainment.
The industry is expected to continue to grow as the state works to develop a safe and regulated environment for bettors.
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