The globally-recognized online gaming and betting brand, Betway, continues to grow its presence in the United States. Currently, the company has a presence in eight different states, offering sports betting. Strategic jurisdictions where Betway offers online gambling, in addition to sports betting, are Pennsylvania and New Jersey, two markets with significant potential. Continuing its expansion, the company has now secured an online sports betting license for the regulated market in Illinois.
The latest announcement comes after the gambling regulator in the state, the Illinois Gaming Board, said Thursday that it selected Betway as the recipient of an online-only sports betting license. The betting and gaming company was one out of two that submitted an application for a license. Ultimately, securing the license enables Betway to provide online sports betting in Illinois. As an online-only sports betting license, the company won’t be permitted to receive in-person bets. At the same time, Betway won’t be required to sign a partnership with a retail partner in Illinois.
The state legalized sports wagering in June 2019. Then, in March 2020 it launched legal retail betting, followed by a mobile betting market launch in June of the same year.
Given that Betway holds an online-only license, the company will be subject to a higher license fee. Land-based sports betting operators pay a $10 million license fee, while online betting companies are subject to a $20 million license fee. Both online and retail betting companies are also subject to a $1 million renewal fee applicable every four years.
The Betting Company Joins a Competitive Market
The latest license, making Betway the newest addition to the regulated betting market in Illinois, doesn’t come as a surprise. This is because back in 2021, the company pursued options for entering the betting market in the state. However, in an unexpected turn of events at the time, Betway decided to back off from the process.
Now, a couple of years later, the company joined a handful of operators that have already established their presence in Illinois. Not unexpectedly, giants like FanDuel, DraftKings, Caesars and BetMGM, among others, have already established their presence within the Illinois online sports betting market.
Elsewhere, in Europe, Betway confirmed a new content partnership with Greentube, the NOVOMATIC Digital Gaming and Entertainment division, for the market in Belgium. The collaboration enabled Greentube to expand its footprint in the European country by delivering its engaging portfolio of content for the leading betting and iGaming operator.
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