It was a historic Monday in Illinois as the first legal sports bet was placed in the state. Hockey great Eddie Olyczyk placed the first bet as he wagered 100 dollars on the White Sox to win the American League Pennant at 16-1 odds. For the amount of revenue sports gambling is expected to bring the state, there is one rule that will cost the state exponentially.
One of the less-talked-about rules the state will have for the sportsbooks is that odds and wagers will not be allowed on Illinois college sports teams. The goal is to keep unwanted pressure off athletes and ensure that the collegiate games in the state are not compromised when Illinois Sports Betting takes off. For as good as the rule is moralistically, it is a terrible one from a revenue-generating standpoint. Gamblers can bet on other college teams outside of the state. The state made getting sports betting ready for the NCAA Tournament a prominent issue. It could be missing out on millions in the next six weeks, and later on in the fall.
The Illinois men's basketball team is having its best season in over eight years, and are projected to make their first NCAA Tournament appearance since 2013. They are not just set to make the tournament, but could make a significant run and are also small-favorites to win the Big-Ten Conference Tournament this week. The Fighting Illini have generated a lot of excitement and would make for a hot bet at the new sportsbooks if the state allowed it.
Illinois isn't the only college team in-state that will be playing in the NCAA Tournament in a few weeks. On Sunday, the Bradley Braves clinched their spot in the tournament by winning the Missouri Valley Conference Tournament. The Braves could be relegated to play in the first-four, which could cost the state thousands of dollars in wages and parlays for the first-four play-in games.
Although the state means well by the rule, they truly do not understand how prominent college sports are in the state. The state features two teams in the Big Ten Conference, arguably the most popular conference in all of college sports besides the SEC. Northwestern and Illinois are prominent in Chicago when it comes to football and basketball. Games against Indiana, Michigan State, Purdue, Michigan, Penn State, and Ohio State in football or basketball are always important across the state. Those same games provide so much in revenue potential that the state will lose money to neighboring states with sportsbooks.
It just isn't northwestern and Illinois that are popular, but also Northern Illinois, Southern Illinois, DePaul, and now Loyola. All have had their fair share of big-time moments on the college stage. Northern Illinois 2013 Orange Bowl appearance, DePaul men's basketball return to prominence this season, and Loyola basketball's miracle run in the NCAA tournament two years ago are all recent examples. Now imagine if any of those moments happened in the upcoming year coupled the state's refusal to allow residents to bet on those teams to preserve the integrity.
Illinois isn't the only state with an in-state rule as New Jersey has the same rule in place also. The issue is the level of importance and relevance of the college teams to the state. In Illinois' case, there are just too many teams that are popular and talented. For the time being, residents are unable to bet on any game, basketball tournament, or college football bowl game that features an in-state team. According to legalgamblingandthelaw.com, The state took the right step forward with the legalization of sports gambling but left a lot of money on the table with their in-state rule.
