Circa Sports Sets Highest Minimum Bet Limit in Illinois
Circa Sports has joined the list of sportsbooks that have modified their policies in Illinois following the state's implementation of a new tax structure. Starting September 1, the company will implement a $10 minimum bet requirement on its sportsbook platform, meaning that customers in Illinois will no longer be able to place bets worth less than $10.
LISTEN TO THIS ARTICLE:This change is in direct response to House Bill 1928, which introduces a per-bet tax of $0.25 for the first 20 million bets and $0.50 thereafter. According to the sportsbook, its low-hold model necessitated the shift.
After thoughtful consideration, we believe the best course of action for a low-hold, high-volume sportsbook such as Circa Sports is to raise the minimum wager in Illinois. We are reluctant to compromise our best-in-class betting splits or charge our customers a per-bet fee. Beginning Monday, September 1, a $10 minimum wager will take effect, protecting the vast majority of bettors in Illinois. No one should have to pay a fee to make a wager
Just a couple of days prior, Stevens informed the Missouri Gaming Commission that Circa's sports betting hold percentage was approximately 3.5%, significantly lower than the typical 10%+ seen at larger sportsbooks. Also, around 95% of its total betting handle comes from bets of $50 or more. Given this, Circa doesn't expect the $10 minimum bet to drastically alter its business model in Illinois.
The measure also aims to offset the increased tax burden on the sportsbook. In an earlier interview on Vegas Stats & Information Network (VsiN) in early June, Stevens said that based on the low-hold nature of Circa, the only way to break even in the face of the federal excise tax, other levies, and the new state tax policy is to not take a bet that is less than $10.
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Industry-Wide Response to Tax
Out of the 10 licensed sportsbooks in Illinois, Circa Sports becomes the eighth operator to amend its policies following the new tax structure. While its 10-buck minimum limit is the highest so far, other sportsbooks have introduced varying fees and limits.
For instance, BetRivers, BetMGM, ESPN, and Hard Rock Bet have also implemented new minimum bet requirements or increased existing ones in the Prairie State. BetMGM bet limits now start from $2.50, Hard Rock $2, and BetRivers and ESPN increased their minimum wagering requirement from 10 cents to $1. However, DraftKings, FanDuel, and Fanatics are implementing fees to offset the per-wager tax. FanDuel and DraftKings will charge a 50-cent transaction fee on every bet placed in the state starting September 1, while Fanatics will charge 25 cents per bet due to its lower betting volume.
The other two operators, bet365 and Caesars, have not taken any steps to address the new tax.
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