Back in May 2018 the United States Supreme Court made a ruling on sports betting effectively paving the way for States to regulate and legalize online sports gambling in their State. Lou Lang, an Illinois State Representative has been looking into ways for the state to expand its gambling revenues outside of local land based casino gaming establishments.
Estimated revenues from a potential legalized online gambling market in the State could bring in anywhere from $50 million to $300 million annually. New Jersey was the first state in the United States to legalize and regulate Internet gambling back in 2013. Since then NJ online casinos have been bringing in serious revenues and everyone is starting to follow their lead. Some of the most popular online gambling sites have already entered the New Jersey market and after the Supreme Court’s ruling in may overturning the ban on sports betting the NJ sportsbook market has started to flourish.
Illinois and many other States have noticed the NJ online gambling boom and are hoping to make similar moves. If approved it could bring in tax revenues to the state and be an economic growth catalyst creating jobs and rewarding entrepreneurs for creating new gambling games like blackjack and online slots.
There are advocates and opponents on both sides of the issue. Jim Ryan, the CEO of Pala Interactive, thinks regulating sports betting and other Internet gambling activities would give protected to gamblers from fraudulent gambling sites. Ryan also estimates that if the State can approve sports betting and other types of online gambling sites it could bring in as much as $800 million over the new few years.
Read the full article at Gambling.site Illinois to consider adding Sports Betting and Online Gambling to its gambling portfolio.