Bet365 goes live with online sports betting in Illinois
UK-based firm is yet to establish its land-based operations in the state, despite receiving approval in December 2024, but online offering is now live days before March Madness
Bet365 has launched and is accepting bets in the state of Illinois, becoming the 10th operator to establish itself in the Prairie State.
The firm was granted approval to launch both online and land-based sports betting by the Illinois Gaming Board (IGB) in mid-December last year, via a partnership with Walker’s Bluff Casino Resort.
Though it has not yet launched its retail operations in Illinois, bet365 is now accepting online wagers, just days before the highly anticipated March Madness basketball competition gets underway.
The UK-headquartered firm is the latest operator to launch in the state, following on from FanDuel, Fanatics, DraftKings, Caesars, BetMGM, BetRivers, ESPN Bet, Circa Sportsbook, and Hard Rock Bet.
Since it launched in June 2020, Illinois has become one of the largest online sports betting markets in the US.
The most recently released figures from the IGB show that DraftKings and FanDuel collectively accounted for 75% of the state’s $417.9m handle total for January.
This latest US expansion means bet365 is now live in 12 states, although that figure will soon rise to 13 after the operator was granted entry approval last month to launch in Tennessee.
In July 2024, Illinois Governor JB Pritzker amended the state’s tax structure so that operators are taxed on a sliding scale, rather than at a flat rate.
The lowest tax rate is 20% on gross gaming revenue (GGR), while the highest rate of 40% is only implemented for operators with GGR of $200m and above.
All operators looking to secure a license in the state of Illinois are required to pay an upfront fee of $10m.
Back in February, two politicians in both the Illinois senate and the house filed proposals to legalize igaming.
Senator Cristina Castro introduced Senate Bill 1963, while Representative Edgar Gonzalez brought forward House Bill 3080. The bills combined would form Illinois’ Internet Gaming Act.
Both bills propose that a casino or race track would be permitted no more than three branded skins, while each license would cost $250,000, along with an annual renewal fee of $100,000.
Operators offering igaming in the state would be required to pay a 25% tax rate on GGR, with estimates by the Legal Sports Report suggesting a regulated igaming market in the Prairie State could generate as much as $800m in tax revenue.