- The Illinois Gaming Board awarded bet365 a sports betting license
- The operator will launch sometime in 2025
- Its partnership will be with Walker’s Bluff Casino Resort
Illinois is ready to welcome bet365 into the sports betting fold.
Last week the Illinois Gaming Board approved the British operator’s sports betting license application, which will be the 10th online sports betting platform in the Prairie State when it launches next year.
The online sports betting operator enters the state through a partnership with Walker’s Bluff Casino Resort.
Newest State for bet365
When the British gaming operator launches in Illinois in 2025 it will be the 12th live state for the platform. Bet365 currently operates in the following states:
- Arizona
- Colorado
- Indiana
- Iowa
- Kentucky
- Louisiana
- New Jersey
- North Carolina
- Ohio
- Pennsylvania
- Virginia
The operator was late to the game entering the United States, but has since made a relatively surprising impact on the sports betting market. It consistently operates in the top-three of sportsbooks in the highly competitive Ohio sports betting market. In October, bet365 users bet more than $72.2 million online with the sportsbook, which led to more than $6.1 million in taxable revenue for the month.
It lagged only behind FanDuel and DraftKings in the Buckeye State in terms of handle and taxable revenue for the month.
Bet365 will be the 10th live online sports betting operator in the state when it launches. It will join the following operators:
- BetMGM
- BetRivers
- Caesars Sportsbook
- Circa Sports
- DraftKings
- ESPN Bet
- Fanatics Sportsbook
- FanDuel
- Hard Rock Bet
Joining New Tax Structure
Bet365 is launching in Illinois and will be subjected to the state’s new sports betting tax rate structure, which Gov. J.B. Pritzker (D) approved when he signed the Illinois FY 2025 budget into law earlier this year.
The state budget included the first-ever progressive tax rate for sports betting operators in the country, which will see sportsbooks pay a rate of 20% to 40% based on adjusted gross revenues. The new tax rate went into effect on July 1, 2024. Financial analysts projected the progressive tax rate will bring nearly $200 million more in revenue to the state.
Based on the new structure, operators have to pay taxes based on the following adjusted gross sports betting revenue totals:
- $0 to $30 million: 20%
- $30 million to $50 million: 25%
- $50 million to $100 million: 30%
- $100 million to $200 million: 35%
- Over $200 million: 40%
Operators are also required to pay separate taxes based on the sliding scale for both retail and online sportsbooks.
When the state approved sports betting it taxed operators at a flat rate of 15% of gross gaming revenues.
Illinois is gearing up to introduce bet365 to its sports betting market, a move that is expected to bring a new level of excitement and competition to the state’s already thriving sports betting industry. The popular online sportsbook, which is one of the largest and most reputable in the world, is set to launch in Illinois in the coming months, pending regulatory approval.
The introduction of bet365 to the Illinois sports betting market is a significant development for both sports fans and bettors in the state. With its user-friendly interface, wide range of betting options, and competitive odds, bet365 is expected to quickly become a favorite among Illinois residents looking to place bets on their favorite sports teams and events.
One of the key features that sets bet365 apart from other sportsbooks is its extensive selection of betting markets. From traditional sports like football, basketball, and baseball to niche sports like darts, cycling, and even esports, bet365 offers a wide variety of options for bettors to choose from. This diversity of betting markets ensures that there is something for everyone, no matter what their interests or preferences may be.
In addition to its wide range of betting options, bet365 also offers competitive odds and promotions that make it an attractive choice for bettors looking to maximize their winnings. Whether you’re a seasoned bettor or just getting started, bet365’s user-friendly platform and helpful customer support team make it easy to place bets and navigate the world of online sports betting.
Overall, the introduction of bet365 to the Illinois sports betting market is sure to shake things up and provide bettors with even more options for placing bets on their favorite sports teams and events. With its reputation for reliability, competitive odds, and diverse range of betting markets, bet365 is poised to become a major player in the Illinois sports betting industry. So get ready, Illinois sports fans – bet365 is coming soon, and it’s sure to add a whole new level of excitement to your sports betting experience.
