Over and under? State’s highest — and lowest — grossing casinos are first to seek sportsbook licenses

Three decades ago, it became the first casino to open in Illinois. Now, it’s the first to apply to open a sportsbook.

Illinois Gaming Board officials on Thursday announced the Argosy Casino Alton submitted its sports betting license application Jan. 23, putting it first in line to offer sports betting once state regulators finish vetting bids and hand out licenses.

Two other casinos applied the next day: the Grand Victoria in Elgin and Rivers in Des Plaines.

Steven Senne/AP

Applications were opened last month. Besides the three initial applicants, regulators expect a host of other would-be sportsbook operators to submit applications in the days and weeks ahead.

All 10 existing Illinois casinos and three horse racing tracks are eligible to apply, plus up to seven large sports venues such as the United Center and Guaranteed Rate Field, and, eventually, the holders of six new casino licenses that also were created as part of the state gaming expansion signed into law last summer by Gov. J.B. Pritzker.

Seth Perlman/AP

Seven months after that new gaming law legalized sports betting, it’s still unclear when Illinois bettors might be able to take the action on the Bulls or Blackhawks. After drafting thousands of rules on sports betting operation procedures, the Gaming Board still needs to license the suppliers of the betting technology and league data.

But as suggested by legislators who championed sports betting in Springfield, the application timeline still seems on track for a launch ahead of March Madness and the glut of gambling that accompanies every NCAA men’s basketball tournament. Once the licenses are issued, all bets are on.

“We’ve designed these rules in such a way so that we can be nimble and as reactive or as quick as our industry partners are ready to commit sports betting, so when they’re ready, we’re ready for them to start,” Gaming Board administrator Marcus Fruchter said.

Victor Hilitski / Sun-Times

Management at the Argosy Casino are sure to be looking for a shot in the arm with a sportsbook. The former Alton Belle launched as Illinois’ first riverboat casino in 1991 on the Mississippi River, offshore from the city where jazz legend Miles Davis was born.

Now owned by corporate giant Penn National Gaming, the Argosy saw its revenue shrivel to just $40 million in 2018, the lowest in the state and the worst for the casino amid years of decline since it launched.

Rivers Casino and its corporate owner Churchill Downs Inc. have been champing at the bit for a book, with a sports bar already built and just waiting for the green light to take bets. It’s expected to bolster the state’s highest grossing gambling operation and the $440 million Rivers generated in 2018. It’s the only Illinois gambling mecca that has seen any growth in recent years.

The Grand Victoria Casino has been among Illinois’ highest grossing casinos since its riverboat set sail in 1994.