Regulated Online Gambling A Possibility In Illinois
It was presumed that we had heard the last of online gambling talks in Illinois, but two upcoming veto sessions suggest that legalized iGaming and daily fantasy sports are back on the table.
Online Gambling In Illinois
There are three bills related to online gambling currently circulating the Illinois legislature. The first of which is IL HB 479 , which in June passed by a 42-10 vote in the Senate. Some of the key points of the bill include:
Licensed racetracks and casinos can apply for online gambling licenses.
For the first 5 years, the first $100 mil in gaming revenues would be taxed at 10%. After this point, there would be a 15% tax on gross gaming revenues.
“Bad Actors”, i.e. PokerStars, would be prohibited from applying for licensure. The clause bans any operator who “accepted wagers via the internet in contravention of this act or in contravention of any law of the United States.”
DFS operators would need to apply for licensure, with licensing fees ranging from $500 to $25,000.
Daily fantasy sports operators would be taxed anywhere from 5% to 15% on a sliding scale.
IL S 209 and IL S 1531 are two additional online gambling and DFS bills that are up for consideration. The former has been referred to the House Executive Committee’s Gaming Subcommittee while the latter moved to the House floor. The bills could replace IL HB 479, but it may be more likely that this piece of legislation pushes forward as it has been on the table longer.
A Short Timetable
The Illinois legislature will have two veto sessions from October 24th to October 26th, and November 7th through November 9th to consider the proposed legislation.
These are relatively short sessions, but it is possible that one, or a combination of bills will move forward and be passed into law. We will have to see what happens in the next few weeks to see if regulated online gambling could be a reality for sports betting in Illinois.
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