Circa Sports, one of the fastest-growing sportsbook operators in the US, has made an agreement with Full House Resorts and is set to enter the Illinois sports wagering market. In a press release, Full House noted that Circa will operate one of its temporary venues, set to be opened in 2022.
Illinois Is the Fourth State Where Circa Breaks Ground
Before making moves to enter the Illinois mobile sports betting market, Circa was active in Nevada, Iowa, and Colorado. The initial term of the agreement with Full House is 8 years and Circa will have the right to sign two extensions, 4 years each.
The temporary venue where Circa will offer its services is The Temporary by American Place, where a retail sportsbook will also be available. A statement issued by Circa elaborated that The Temporary will have digital boards with real-time odds, 36 televisions, physical ticket windows, as well as a special betting area with physical kiosks.
Derek Stevens, the founder, and CEO of Circa, also shared a few words on the partnership with Full House. He stated that Circa is excited to provide Illinois with its market-leading solutions. Stevens added that the company has developed a great relationship with bettors from the Midwest and to bring its product to Illinois is a “major milestone.”
Out of all the states where Circa is operating, Illinois is set to be the biggest one. Additionally, Illinois is considered one of the fastest-growing markets for the sports betting industry in the US.
Full House Revealed That It Received the Green Light for Its Temporary Casino in Its Q1 Report
Full House released its Q1 results yesterday (May 9, 2022) and in the report, it announced that it broke ground on a temporary casino, located in Waukegan. The permanent project, on the other hand, will feature around 1,600 slots, a modern and unique sportsbook, 20 villas, 100 table games, a variety of restaurants and bars, as well as a live entertainment venue.
Analysts are very optimistic about the project as they think that earnings before EBITDA can be between $38 million and $50 million. While speaking about The American Place, Stevens noted that the venue has been “an excellent partner” for the launch of Circa’s temporary sportsbook.
Stevens noted that this represents the company’s first time introducing a physical sportsbook in a new state and that Circa is happy to have Full House by its side for this project.
A statement by Full House noted that Circa will pay a $5 million market access fee in May and will additionally receive $5 million on an annual basis once Circa launches its mobile sportsbook in Illinois.