Illinois sports betting ready for March Madness launch

Illinois Governor J.B. Pritzker is optimistic that the state will be ready in time to be able to start putting down big-game bets for the Big Dance next month.

While delivering his annual budget address on Wednesday to the legislators in Springfield, the freshman Democrat doubled down on the pending launch of the newly legalised sports betting industry. “It appears to be on track and will be up and running in time for March Madness,” he said.

The declaration by the governor marks the first concrete timeline for an industry launch by a state official since Pritzker signed sports betting into law last summer as part of a huge gambling expansion.

The statement made by the governor backs up the claims made the Argosy Casino Alton near St. Louis, which started advertising earlier this month that it would have a sportsbook up and running by the time the NCAA men’s basketball tournament begins on March 17.

It is 1 of the 3 casinos that received temporary sports betting licenses last month by the Illinois Gaming Board, which allows them to prepare their sportsbooks before regulators officially permit them to start laying odds on games.

Officials at Rivers Casino in Des Plaines have stated they’re “hopeful” their sportsbook will be ready in time for the event but haven’t fixed a launch date – nor has the Grand Victoria Casino in Elgin.

Even if sports betting is launched ahead of March Madness by the Argosy or any of the other casinos, you will not be able to bet on the Illini or other local schools that may qualify for the tourney – this is because the State law prohibits bets on any Illinois collegiate teams.

State regulators are yet to authorize the companies that supply and manage technology platforms for sports wagering. A handful of companies have applied for those licenses – Still, as of Wednesday afternoon, no applications had been submitted for official league data providers, which is another critical component of the betting industry that is still in flux.

During his address, Pritzker hyped tax revenue from sports betting as a key new revenue stream that will help finance “badly needed maintenance and construction work at our universities, community colleges and state facilities.”

It is noteworthy that early returns from the state’s new sports wagering neighbour have shown promising results. Indiana has collected around $5 million in tax revenue since sports betting went live in that state in September, with much of its handle coming from the Hoosier state’s Chicago-area casinos.