Just in time for March Madness, another popular online sportsbook is launching in Illinois.
Barstool is bringing its iOS and Android sports betting app to Illinois starting Thursday, March 11. The app, called Barstool Sportsbook, will be live starting at noon. Barstool Sportsbook, which is owned by Penn National Gaming, is now operational in three states, having previously launched in Pennsylvania and Michigan.
Barstool's Illinois launch comes as sports betting has exploded in popularity across the state. In January, Illinois gamblers wagered $580 million on sports, making it just the fourth U.S. state to take in more than $500 million in sports bets in a single month. Since sports wagering began in the state just one year ago, Illinois has seen more than $2 billion in total sports bets.
January's handle, a gambling term used to describe wagers accepted over a specific period of time, was up 18.3% from $491.7 million in December. This year, Illinois is expected to bring in upwards of $6 billion in total sports wagers, according to PlayIllinois.com.
Barstool joins a competitive field of sports betting apps in Illinois. DraftKings led the way in January with 42% of Illinois sports betting market share. The app, along with its brick-and-mortar partner Casino Queen, brought in $244.2 million in combined handle in January. Other online sportsbooks in the state include FanDuel Sportsbook, BetRivers and PointsBet.
Penn National CEO Jay Snowden has said he expects the Barstool app to be live in 10 states by the end of 2021.
The growth of legalized sports betting presents an opportunity for startups to operate in the growing industry. Local startups in the space include BetSperts, a Chicago startup that creates a social media platform for sports bettors. And local VC firm Jump Capital is actively investing in startups operating in and around sports gambling.
