Bet365, a giant of the sports gambling industry, has officially entered the Illinois market after the state's gaming board approved a Management Services Provider License for the British operator. Bet365 acquired that license by partnering with Walker's Bluff Casino Resort which was granted a Master Sports Wagering License.
The two will partner to launch retail and online sports betting operations in one of the biggest states in the union.
This is a big step for bet365 whose steady strategic growth of its operation in the US has proven to be successful now stepping into the sizable Illinois market, their sixth new market in 2024.
Bet365 Growing Brand In US
With a license in Illinois, bet365 has expanded its US operation to 12 states. Bet365 is already active in: Arizona, Colorado, Indiana, Iowa, Kentucky, Louisiana, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia. But Illinois is the biggest yet for the big British book.
The Land of Lincoln is a massive market with its eight live books seeing $1.4 billion in handles in October 2024. For comparison's sake Arizona, Colorado, and Iowa combined for $1.5 billion in handles for the same month.
Activating in Illinois is a big step and a sign of intent from bet365. The Brits aren't going anywhere and will continue to grow their stake in the US state by state, even in the face of heavy taxation by Illinois state lawmakers.
Increased Taxation Not A Problem
In the 2025 Illinois state budget, lawmakers increased taxes on sportsbooks from a flat 15% to a tiered system that starts at 20% for annual gross revenues of $30 million or less but could jump to 40% if gross annual revenues exceeded $200 million.
Annual Gross Revenue | Tax Rate |
---|---|
<$30 million | 20% |
$30 to $50 million | 25% |
$50 to $100 million | 30% |
$100 to $200 million | 35% |
>$200 million | 40% |
Big operators like FanDuel and Draft Kings, both already operational in the Prairie State, believed this change to the tax system was "wrong" and would hurt the market in the long run. That couldn't be further from the truth. Gross revenues for sports gambling in Illinois have grown from $59.3 million in January 2024 to $81.4 million in December 2024.
And now with bet365 entering the market, there's clearly an appetite to get a piece of that large Illinois pie despite what amounts to the second-highest tax rates in the US after New York's 51%.
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