In-person sports betting will close on May 31, while bar and restaurant will remain open.
Sports betting giant DraftKings announced Monday it's shutting down its sports betting operations at one of America’s most famous baseball venues, Wrigley Field. The DraftKings Sportsbook at Wrigley Field will remain open as a bar, restaurant, and entertainment venue, but it will not offer sports betting services.
Illinois takes 40% of DraftKings’ revenue and 25-50 cents per online wager it processes. Sports betting companies are suing a Chicago-based tax that aims to take another 10.25% of sportsbooks’ adjusted gross receipts. DraftKings made a splash when it became part of Wrigley Field’s rich history, erecting a sportsbook adjacent to the stadium. The sportsbook opened in June 2023 and sports betting operations began in March 2024.
Just two years after customers were allowed to place their first bets – and still in the beginning stages of a 10-year, $100-million partnership between DraftKings and the Chicago Cubs – the sportsbook will discontinue operations.
“While we are proud of what we have built alongside the Chicago Cubs, we are taking a more focused approach to where we invest in the state,” DraftKings said in a. “The cost of operating in Illinois, including its high tax structure, makes it more difficult to justify continued investment in a standalone retail sportsbook. We remain committed to serving our mobile sportsbook customers. ”now features an update detailing the changes to its Wrigley Sportsbook.
In-person sports betting will close on May 31, and food and drink options will remain open. Customers can cash tickets at the site until June 30. After that point, tickets and vouchers can be redeemed by mail only. This was probably the best in-stadium sportsbook in caliber and location anywhere in the country, and arguably the best sportsbook outside Nevada.
If it's not going to work here, I can't say I see a bright future for many more retail books anywhere besides major casino hubs.tax grew to 20-40% of operators’ revenue in July 2024. Then, last year, the state imposed the nation’s only The result for top operators such as DraftKings and FanDuel was a 40% tax on their revenue, a 25-cent charge for each of the first 20 million online bets, and 50-cent charge for every following online wager during a yearly period.
On top of that, Chicago added a 10.25% tax on adjusted gross receipts for all sports bets placed within city limits to its 2026 budget plan approved by the City Council last December. Sportsbook companies dropped an attempt to block the city-based tax but are continuing with a lawsuit challenging its legality.to combat the losses caused by the high tax rates. DraftKings and FanDuel both impose a 50-cent fee for every wager that is placed inside state lines.
Grant jumped into the sports betting industry as soon as he graduated from Virginia Tech in 2021. His fingerprints can be found all over the sports betting ecosystem, including his constant delivery of breaking industry news. He also specializes in finding the best bets for a variety of sports thanks to his analytical approach to sports and sports betting.
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