Tekkorp Digitial Acquisition, which was the only applicant moved forward by the Illinois Gaming Board in late April for an online-only sports wagering license, may be forced to drop pursuit of its plans if shareholders do not vote for an extension next week to continue talks with Playtech, Caliente Interactive, and Caliplay.
Tekkorp, which launched as a special purpose acquisition company (SPAC) in September 2020 and raised nearly $300 million in its Initial Public Offering to enter the sports betting marketplace, has reportedly been in talks with Caliente Interactive — a Mexican-based sportsbook owned by Playtech — since December. Because the IGB could not disclose who the applicants were for the three online-only licenses available per state law, Tekkorp was an unexpected entrant and a bigger surprise to move forward as Betway withdrew its application during the process and Fubo Sportsbook was rejected.
Additionally, there have been multiple reports that Tipico failed to be considered because its application was received less than 15 minutes after the Dec. 3 deadline had passed. IGB Administrator Marcus Fruchter did not disclose the identity of that applicant during the state agency’s Dec. 8 meeting, only noting that the application had been submitted minutes after the deadline.
Illinois currently has only seven mobile operators, but has still muscled its way into a top-three spot nationally when it comes to monthly handle and accepted $14.2 billion in wagers since launching shortly before the pandemic in March 2020. It is one of four states — along with New Jersey, Nevada, and Pennsylvania — to surpass $1 billion in operator revenue during the post-PASPA era.