The Chicago Cubs have announced a massive deal with DraftKings, indicating a plan on adding a sportsbook at Wrigley Field. The move could trigger a chain reaction in Major League Baseball.
Until now, DraftKings had been serving as a daily partner with the Cubs; from now on, it will become the official sports betting partner for one of the leading American baseball team.
Another significant aspect that the deal has highlighted is the upsurge of the Illinois sports betting market.
What is in the Deal?
The Chicago Cubs is the first MLB team to reveal that it will have a sportsbook inside the stadium grounds. According to reports, the multi-year deal is worth $100 million and could persist for another decade.
While commenting on the historic partnership with DraftKings, Cub’s president of business operation Crane Kenney said:
“DraftKings has been an outstanding partner for many years, and we are excited to expand further this association as sports betting grows rapidly in Illinois. An ever-increasing number of sports enthusiasts want to integrate sports betting into their game experience, and we’re thrilled to be one of the first to engage in developing a retail sportsbook at a professional sports venue.”
Initial reports suggest that there will be a sportsbook at the field for bettors to place wagers. In addition, there is also online access to the facility, which will be made available in the “surrounding Wrigleyville area,” making it a convenient option for all.
However, one thing that has not been revealed is whether or not the betting windows will be placed on the field. Also, it has not been made clear where they will place the sportsbook at the stadium.
This exciting news coincides with other such sensational deals taking place between sportsbooks and professional sports teams across the US. This trend has been witnessing a rise lately, with many sports clubs looking for the ideal sportsbook to partner with.
It will take time though
Undoubtedly the news of the alliance was exciting for many baseball fans and sports bettors. However, there are still some glitches to overcome before the proposed plans can be materialized.
In fact, various regulatory steps will be required before opening a retail sportsbook at the stadium. All of this will certainly take time, which is probably why the Cubs and DraftKings have been tight-lipped regarding a specific timeframe for their venture.
Sports betting was legalized in the state of Illinois earlier this year. However, Chicago city would require to obtain a grant approval in order to have a retail sportsbook at the stadium.
On the part of the Cubs, it will also have to acquire development approval for establishing the sportsbook the stadium. Without an appropriate plan regarding its location at the stadium, some experts believe that the DraftKings would end up outside of the ballpark.
In addition to all the requirements Cubs needs to ensure getting underway, DraftKings will also have to apply for a master sports wagering license. Illinois Gaming Board is authorized to grant such permissions.
With various steps still need to be taken, the deal is still like a raw fruit that needs time to ripe.