Bettors Will Be Permitted to Place Wagers on In-State Collegiate Teams after Gov. J.B. Pritzker Signs a New Measure
Thanks to the signed new measure, bettors across the state will be allowed to place wagers on in-state Gov. J.B. Pritzker-approved gaming facilities. It was too late to place wagers for the Cure Bowl as Northern Illinois faced Coastal Carolina. However, the Illinois sports betting market will attract more customers.
With college basketball in season and March Madness coming in a few months, the average daily betting value should skyrocket across the state as Illinois hosts a robust sports betting market. University officials argued that being able to bet on collegiate sports would affect student-athletes performance in the classroom and the field.
Even though betting on college sports will be allowed, there are still a few restrictions. Bettors will be able to place bets on the spread but not on an athlete’s individual performance. Props bets will be prohibited on the collegiate level and any live bets related to it.
State Rep. Mike Zalewski, who leads Illinois sports betting legislation, stated that the changes in the law are going to factor in all the concerns regarding student-athletes.
He went on to say, “Strikes the right balance between a modern sports betting market and player safety.”
Through the many concerns, industry leaders made a case that residents can bet on collegiate sports in neighboring states like Indiana. The new law will allow a sportsbook to launch its retail location in Wintrust Arena, where DePaul basketball plays.
The new measure only allows people to place any bets on Illinois teams in person at one of the state’s gaming facilities or a racetrack sportsbook. A vast majority of the state’s wagers have been placed in person; however, things are about to change next year.
New sports bettors will be able to sign up for a sportsbooks account on a mobile device instead of in-person starting March 5. The changes will also prohibit towns from pushing for additional per-push taxes on video slot machines, among other tweaks to state gambling law.
The new measure automatically repealed on July 1, 2023, but lawmakers can approve an extension if there are no changes needed to be made.
The Sports Betting Handle For Illinois
Illinois is a significant asset in the sports betting industry, and the numbers will increase as sports bettors will now be able to place wagers on in-state teams. In October, sportsbooks accepted $840.4 million in bets.
The convenience of allowing new users to sign up online will also take the sports betting handle to new levels in 2022. In October, $330.1 million was placed on NFL and college football. In recent months another massive asset to the state’s sports betting handle has been the number of parlays customers placed on numerous events.
Even after college football comes to an end, college basketball will garner a lot of attention for the coming months.