Whether you’re an individual or an operator, $20 million is a lot of money for any bet.
Betway felt the same way last week when Marcus Fruchter, the Illinois Gaming Commission’s administrator, announced that the online sports betting platform had withdrawn its application for an online-only license at a meeting of the state’s legal sports betting regulators.
This is not the first time Betway, the global brand of Digital Gaming Corporation (DGCIL), has stepped out of the race for an online-only licensing process.
According to Lincoln’s Country Bill (SB690), which legalized gambling in The Prairie State signed by Gov. J.B. Pritzker on June 28, 2019, sports betting must be tied to retail gaming facilities except for three online-only licenses that can be obtained through a competitive bidding process.
Betway submitted its application during the first round of bidding in 2021, but eliminated itself while the bid went through the evaluation phase. 경마사이트
It is not known why the online sports betting operator made the decision again despite reaching the final, but some speculate the $20 million price tag related to online-only licenses may have played a role. All sports betting licenses in Illinois are valid for four years for online-only and retail use and can be renewed for $1 million.
Betway Sportsbook is currently available in Arizona, Colorado, Iowa, Indiana, Louisiana, New Jersey, Ohio, Pennsylvania and Virginia, while Betway Casino is live in New Jersey and Pennsylvania. The Betway Sportsbook in Massachusetts will be released in 2024.
As a result of Betway’s withdrawal, the license was not issued for the second time in the course of an online-only master sports betting license under sections 25-45 of the Sports Betting Act.
Barstool Sportsbook, BetMGM, BetRivers Online, Caesars Sportsbook, Circa Sports, DraftKings, FanDuel, and PointsBet USA all offer online sports betting to betting companies over the age of 21 in Prairie State because they are linked to retail gaming companies. Unibet Sports & Rbook, which will connect with Argosy Casino Alton, is currently considering joining other operators.
According to the most recently released data, the August Sports Betting Monthly Report, 96% of Prairie State’s $656 million handle came from online sports betting. DraftKings, tied to Casino Queen Inc., and FanDuel, tied to Fairmount Park Inc., led the way with the top two platforms. In 2020, BetRiver, the state’s first mobile betting application and tied to Midwest Games & Entertainment, LLC, has rounded up the top three platforms.