Hard Rock sports betting App Goes Live

According to the latest Hard Rock press release, Hard Rock Casino Rockford is introducing a new avenue for sports betting enthusiasts. The casino is set to launch its live sportsbook at 3 p.m. on Thursday, August 29. In the meantime, Hard Rock is not sitting idle as their Hard Rock sports betting App Goes Live.

According to Hard Rock, it has already activated a digital application named Hard Rock Bet, developed in partnership with Hard Rock Digital, as stated in a recent news release. However, will it be a success? A lot is riding on the Hard Rock Sports Betting App as it launches just a dew week before the start of the football season.

Over a year after obtaining their sports betting license, Hard Rock Bet announced on Monday the launch of a mobile sportsbook in Illinois. Furthermore, the grand opening of the Rockford Casino is scheduled for Thursday. According to sports gambling analysts, this is one of the biggest challenges of starting a sportsbook. Getting people interested in it. As a result, residents of Illinois now have access to eight mobile sports betting applications.

This marks the first mobile launch since Circa Sports debuted in September 2023, with nearly a full year passing between the launches of mobile sportsbooks in the state. When Illinois sports betting flourishes, it has the potential to rival New York and New Jersey, positioning itself as the largest market in the United States.

Since the inception of Illinois sportsbooks in March 2020, the state has recorded a $3.96 billion handle, making it the third-largest in the post-PASPA era. In 2023, the total sports betting revenue in Illinois exceeded $1 billion. Marlon Goldstein, CEO of Hard Rock Digital, commented on this development.

How will Hard Rock Bet position itself against established sportsbooks that have already achieved success?

Hard Rock Bet is set to enter the Illinois sports betting market in the latter half of 2024, coinciding with the commencement of the 2024 NFL season. The state has reported a remarkable $6.6 billion in wagers during the first half of 2024, reflecting a 25.9% increase compared to the previous year.

Additionally, Illinois generated $605.9 million in adjusted gross revenue, marking a 22.5% rise from 2023. For Hard Rock Bet to thrive in Illinois, it must establish a niche in parlay and same-game parlay markets. Currently, FanDuel and DraftKings dominate the market share for these types of bets. One option for them to compete would be by using team sponsorship to market their sportsbook and betting app.

In the first half of 2024, Illinois residents placed over $1.8 billion in multi-leg wagers, with parlay revenue constituting 59% of total operator revenue during this period, driven by a substantial 19.6% hold.

Will the new tax structure in Illinois impact Hard Rock Bet?

Illinois Governor J.B. Pritzker has revised the state's flat tax rate for sports betting to 15%, transitioning to a progressive tax model. This new system is determined by revenue thresholds, with the highest tax rate reaching 40%.

The progressive tax on sports betting has been in effect since July 1, aligning with the start of the new fiscal year. Major industry players such as FanDuel and DraftKings are expected to be the primary operators affected by the 40% tax rate.

About the Hard Rock Bet App

Where is Hard Rock Bet available? - The mobile sports betting software is available for download on mobile devices via iOS App Store and Android via the Google Play Store. It can also be accessed on a desktop at HardRock.bet.

Where can I use it? - The app can be used to place bets on sporting events anywhere in Illinois.

Are there any incentives or special deals available for new sign-ups? - New players in Illinois can benefit from Hard Rock Bet's registration promotion, which provides $100 in bonus bets following their initial cash wager of a minimum of $5, as stated in a recent announcement.

What types of bets can be placed through the app? - Hard Rock Bet accommodates a variety of betting options, including pre-game, live betting, futures, and various parlay selections, such as same-game parlays.