BetRivers Sportsbook Takes Illinois’ First Sports Bets On Monday

The wait is over.

On Friday, the Illinois Gaming Board (IGB) approved Rivers Casino to commence its first sports bets starting Monday. This decision comes about ten months after sports betting was legalized by legislators and just before the onset of March Madness.

“March Madness will transition from an office pool to an exciting, elevated live sports betting experience, thanks to BetRivers Sportsbook,” stated Corey Wise, Rivers Casino’s Senior Vice President and General Manager, in a press release. “We are appreciative of the efforts of the Illinois Gaming Board staff for approving our sportsbook in time for the college basketball tournament – one of the most significant sports events of the year.”

“BetRivers Sportsbook” is the term for the casino’s on-site sportsbook, which spans 4,840 square feet. This betting hub features an ultra HD LED video wall that stretches 47 feet in width.

On Day 1, Rivers Sportsbook was the only one open for business.

Gov. J.B. Pritzker legalized sports wagering by signing a sports betting bill into law on June 2, 2019. This action also facilitated the launch of Rivers’ sportsbook.

On opening day, Rivers Des Plaines will be the only location in the state accepting bets. It will maintain this betting monopoly until the IGB approves the launch of the next casino or casinos.

At the time of publishing, there were no signs that another sportsbook would be opening in the coming days. Nonetheless, there is a high probability that at least one more establishment will launch a sportsbook prior to March Madness.

Five other casinos possess temporary licenses permitting them to open a sportsbook.

Oddities in Illinois’ gambling regulations

The laws on sports betting vary across states, with the primary points of contention often being the tax rate, registration for online betting, and licensing fees.

Tax rate

Casinos are subjected to a 15% tax rate on the earnings they make from sports betting. This rate is notably higher compared to almost all other states that allow sports betting.

For instance, the rate in Indiana is 9.5%, while Iowa has a rate of 6.75%. Additionally, a recently proposed sports bill in Missouri suggests a tax rate of 6.75%.

Illinois regulations are viewed as seriously flawed due to the high tax rate.

Online betting registration

The last unique aspect of The Prairie State’s sports betting rules is its need for online and mobile betting registration.

Here are the basics:

• Once casinos with retail sportsbooks open retail, they can launch online/mobile platforms at any time.
• Those wishing to bet will need to personally register at the casino for those online/mobile platforms.
• The provision for in-person lasts for 18 months following the opening of the first retail sportsbook.

Bettors have the ability to register online after a period of 18 months. Similarly, standalone online operators, such as non-casino operators, can commence operations after the same duration of 18 months.

License fees

The necessary licenses to operate retail, online, and mobile sportsbooks will cost casinos a maximum of $10 million.

On the other hand, Indiana and Iowa charge a maximum of $100,000 for licenses.

These elevated charges are another mark against the state’s regulations.

What does this imply for Indiana?

The launch in Illinois this week has two primary impacts on the Indiana side.

Firstly, the launch will stimulate renewed examination and debate regarding the flaws in the Illinois law. Compared to its neighboring state, Indiana’s regulations appear commendable.

Residents of Indiana are permitted to place bets at retail locations as well as through mobile apps. Additionally, there is no requirement for in-person registration.

Secondly, not all bettors will be willing to travel to casinos located in Hammond, East Chicago, and Gary.

It is uncertain exactly how many bettors based in Illinois will transition from Indiana properties to BetRivers, particularly while the in-person requirement is still in effect.