Illinois Sports Betting Market Update

Illinois allows residents to bet on sports. In March 2020, Illinois became the first state in the country to legalize online sports betting. You can now place bets both in-person and online.

There is one thing to keep in mind when you answer the question, “Is betting legal in Illinois?” You can start betting with an online sportsbook.

During the COVID-19 pandemic, the in-person registration rule was not in place. Some bettors have to travel for hours just to sign up for an online account. There will be no more in-person registrations on March 5, 2022. Most sports can be bet on in Illinois, but there are some restrictions. Non-sports events, like US politics, the stock market, or news, can’t be bet on in Illinois. They can’t also bet on college teams in their own state. Bills that would allow pre-game bets on Illinois college sports have been passed but not yet signed into law.

Offshore Betting in Illinois

Offshore sportsbooks give people in Illinois another way to bet online in Illinois. When you use an offshore sportsbook, you can sign up right away. You don’t have to spend hours driving to one of the state’s sportsbooks. If you want to bet on your home state’s college teams before and during the game, you can also do so at offshore sportsbooks.

However, it is not legal to use an offshore sportsbook for online betting in the state of Illinois. People in the state can only bet on sports if they bet with state-approved, state-licensed sportsbooks. If you live in Illinois, you’ve likely used offshore betting sites for a long time. Legal cases are very rare, but it’s important to know that these gambling sites don’t follow Illinois gambling laws.

Illinois Laws

The general betting rules will cover how to place bets, like how much money to bet. They explain when bets are in “live-action,” what could change or cancel bets, and more. You need to know these rules:

People who place bets in advance of an event are called “live” as soon as the event starts. If the event doesn’t go as planned or is cut short to the point where a winner can’t be named, then bets will be canceled and refunded. As long as the contest is expected to be over in a reasonable amount of time, like in the next 24 to 48 hours, the bet can stay in place. When it’s a complete cancellation, all bets will be canceled and all money will be back.

After you place your bets in an Illinois sportsbook, the odds and lines may change. You’ll be able to keep your bets at the numbers they were when you made them. The only thing that could change would be if the whole thing was canceled, which would make the bet void.

For player props, if the player is ready to play, the bets will go through. If the player isn’t ready for the game, the bets will not go through. if a player is injured for the whole season, futures bets on that player may not be worth anything.

Illinois sports betting law and regulations

So the big question is, is sports betting legal in illinois or is it not? Currently, the law has allowed people to bet on sports online and at stores in the state. The state’s, racetracks, and bigger sports stadiums were among the places where people could bet on sports. The law also said that three online-only licenses would be given out in 2021.

The most important thing about the law so far has been that it required people to register in person until March 2022. Those who want to bet on sports must first visit the app they want to use. This is what the law says. State law was put on hold until April 2021 because of a pandemic in 2020.

Here are some other things you need to know about Illinois’ law on sports betting:

  • Five percent of last year’s or this year’s total handle is charged for a license. This is based on when a state issues the license. It can cost up to $10 million to pay.
  • The online-only licenses, on the other hand, cost $20 million.
  • All licenses are good for four years, and they can be renewed for $1 million if you want to keep them.
  • People who bet on sports are taxed at a rate of 15% of the money they make.
  • Live bets must be based on official league data.

How Gambling is Taxed in Illinois

Taxes are high in Illinois because people bet on sports. They also have to pay an extra 15% tax on all sportsbook revenue. Those three online-only licenses that the state hasn’t given out have a price tag of about $20 million each.

For people who bet, though, the taxes aren’t anything special. Illinois taxes winnings from sports betting the same as other income. Your state and federal tax returns must show how much money you made from betting on sports. You can use your losses to pay back the money you won. If you lose money betting on sports, you can’t use it to pay for other things.

You can bet on sports in Illinois now because the state doesn’t make you register in person. It will be much easier when the state does away with this requirement. The number of sports you can bet on in Illinois is huge, and many of the best online sportsbooks offer welcome bonuses to help you start.

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