It is reported that DraftKings has received a permit to supply the online sports betting in Illinois. Residents of the Illinois state can head over to Casino Queen Sportsbook to bet on their favorite sports events. The state had prohibited the sportsbook operator from launching for 18 months.
The official date was set for Dec 2021, but DraftKings and FanDuel found a workaround. The daily fantasy sites industry leaders have been in discussions with buying Fairmount Race Track and have put to rest some of the rumors of a penalty by the state.
When was Illinois Sports Betting Legalized?
Sports betting was legalized in Illinois back in June 2019 but only went live in March 2020. The rollout of the gambling industry hit a snag after the breakout of the COVID-19 pandemic. Following the suspension of the different major league seasons, the launch was not feasible. Now, the governor suspended in-person registration as a result of the virus.
There is no release date for the full rollout. However, reports suggest that all of the major sportsbooks will start operating by the end of August. The list includes major players such as Penn National Gaming/Barstool, PointBet, William Hill, as well as DraftKings and FanDuel. Ironically, BetRivers was the first sportsbook to launch in the state in Illinois. But, other books will soon be competing in that space with online betting offerings.
DraftKings Sportsbooks Launch in Illinois
According to reports, there are about 12.9 million residents in the Illinois state that will be able to bet on their favorite sports events online. This stat makes Illinois the fifth largest population in the country. As a result, the state can compete with some of the biggest gambling hubs such as Pennsylvania, New Jersey, and Nevada.
If Illinois online gambling can rival three of the states revered for their sports betting industry, more states can review their gambling laws. Since the U.S Supreme Court decided to repeal the PASPA (Professional and Amateur Sports Protection Act) in 2019, more states have moved in this direction. Check your local gambling laws today see if you can’t enjoy some of the gambling games we offer.
2024 Latest News: DraftKings Reports Strong Q4 2023 Performance: Revenue Surges 44% to $1.23 Billion
In the last quarter of 2023, DraftKings reported a revenue of $1,231 million, showing a 44% increase compared to the same period in 2022. The growth was attributed to increased customer engagement, efficient acquisition of new customers, expansion of the Sportsbook into new areas, and product innovation. Despite facing challenges with unfavorable sports outcomes in November, the company’s CEO, Jason Robins, highlighted strong performance in customer-related aspects and structural sportsbook hold percentage. Looking forward to 2024, DraftKings plans to focus on core values, customer-centricity, and product enhancement.
The CFO, Jason Park, noted the company’s achievements in revenue growth and operational efficiency in 2023. Due to a positive start in 2024 and robust customer acquisition in the last quarter of 2023, they are raising their revenue guidance for 2024 to $4.775 billion and Adjusted EBITDA guidance to $460 million. This move signifies progress toward their goals outlined in November 2023, with an expectation for 2024 to be their first full year of positive Adjusted EBITDA.
