Circa Sports is expanding to the Illinois sports betting market.
Under the deal, Circa will run a retail sportsbook at Full House’s American Place resort, which is under construction in Waukegan, Ill. They will also run a temporary sportsbook next to that site in the meantime.
In addition, Circa will launch an online and mobile sportsbook on the Full House license, pending regulatory approval.
Expansion for Circa Sports
IL marks Circa’s fourth state after Nevada, Colorado and Iowa. Of those states, only Iowa reports handle by operator, with Circa currently holding less than a 1% share.
The company will use IGT technology in IL, as opposed to the Stadium Technology platform it uses in Iowa and Colorado.
Circa said previously it will look at entering any states with remote registration and mobile wagering.
What’s an IL sports betting license cost?
Circa will pay a $5 million market access fee amortized over the eight-year span of the deal.
The operator will also pay Full House at least $5 million per year in revenue share after it launches its online product.
Circa also has two additional four-year extension options on the deal.
Can Circa crack IL?
Circa will be entering a highly competitive market in Illinois. Live sportsbooks include:
- Caesars Sportsbook
- Barstool Sportsbook
Those operators combined for nearly $1 billion in sports betting handle in March alone.
Competition heating up
There might also be more competition on the way. Mexican sportsbook Caliente is being considered for one of the $20 million online-only licenses in IL.
Of course, Circa might still be able to carve out its own niche with its high-limit, low-vig offer.
“If you’ve been at the Circa Resort here in Las Vegas, you’ll know exactly why we’re working with them,” said Full House CFO Lewis Fanger on the company’s Q1 earnings call on Monday.
“They have an amazing sportsbook here in town, for the largest in the world. It’s three stories tall with a podcast studio. Really fun and great sportsbook. They really embrace sports. If you haven’t seen it in person, you need to.”