theScore.bet get access to Illinois sports betting market
theScore Bet has gained market Access in Illinois with aims to offer sports betting by the end of 2021
Following its successful launch in Iowa in February, theScore Bet is pressing ahead with plans to expand across the Midwest. On Monday, Score Media and Gaming Inc. revealed it had secured market access to offer mobile sports betting in Illinois. The Land of Lincoln becomes the fifth state where theScore Bet would be active. The other states that offer the app include Colorado, Iowa, Indiana, and New Jersey.
Based in Toronto, theScore secured market access to Illinois through an agreement with Harrah’s Joliet Hotel & Casino, which Caesars Entertainment operates. The gaming company has stated they aim to launch in the second half of this year.
John Levy, chairman and chief executive officer of theScore, described getting market access in Illinois as a “significant development.” Levy added that the move would enable them to introduce their “award-winning mobile sportsbook to one of the most populous states.” Levy was keen to stress that Caesars is “a giant in the casino-entertainment industry” and that this agreement will “extend theScore Bet’s footprint into another key new market.” The last app to launch in Illinois was Barstool, which went live on March 11.
As per the terms of the agreement, Caesars will receive a percentage of revenue from theScore Bet’s mobile activities in Illinois, according to a press release. The betting company will also reimburse Caesars for specific costs and licensing fees. The length of the deal is for an initial first term of ten years and includes a 10-year renewal term, exercisable by theScore.
Thescore Bet app is available on both iOS and Android devices. The press release, which accompanied this news, describes the app as an “immersive and holistic mobile sports betting offering” and mentions the wide range of betting markets available for customers.
At the beginning of March, Score Media and Gaming Inc revealed they were closing the company’s Class A shares in the U.S. and Canada, resulting in more than $186 million. This was the Score’s first public offering in the U.S. The company said they would use the cash generated to fund their expansion strategy across the United States.
Illinois Sports Betting Continues Surge
The Illinois sports betting industry launched in March 2020, and since then, the state has set a monthly handle record. In January, the Illinois Gaming Board revealed a record $581.5 million was generated from sports bets. This was an 18.3% increase from December’s $491.7 million.
That streak of consecutive records is likely to come to an end in February as it is a short month, and there is no full football schedule. However, there could be a significant rebound in Illinois in March as the NCAA March Madness tournament occurs.
Although in-person registration is still part of the law for sports betting, Gov. JB Pritzker has suspended this due to the COVID-19 pandemic.
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