Illinois To Fully Legalize Sports Betting

1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 3.00 out of 5)
Loading...
Illinoise Sports Betting Legalisation

Legalization of sports betting in the U.S. seems to be moving full tilt ahead. Over the last weekend in Illinois, a capital funding bill was finally approved. It implies a broad expansion of gambling, including sports gambling.

It has already become almost a proverbial story that the state of Illinois passes many important decisions at the last second. This time, the Illinois lawmakers voted to legalize sports betting on the last day of the session; now the only thing missing is the governor’s signature. Governor J.B. Pritzker is definitely going to sign it into law, as his role in promoting this development has been quite significant. He believes that approval of betting in the state would generate about $200 million in revenue to the state budget of Illinois.

The outcomes of the bill are many, including launching a brick-and-mortar casino in Chicago (already in the works for a long time) and authorization of retail and online sports betting. Casinos, sports venues and racing tracks are now allowed to offer in-person and online sports wagering. The new law also significantly expands a lottery implementation.

Based on the gross revenues from the past year, the license fee for sports betting has been calculated. For the casinos, it will be 5% of their past year’s revenue – this kind of licensing alone is going to generate about $10 million for the state.

However, IL mayor Lightfoot has been quite critical towards the new legislation, as it implies full legalization of sports betting at stadiums. She has rightfully pointed out that the impact of stadium-betting has not been fully analyzed and that it could potentially divert customers and revenues from the casinos. Nevertheless, an agreement has been reached through the provisions to limit the amount of betting and to restrict the number of locations offering this kind of wagering – clearly, subject to constant oversight and control.

It should be noted that all these changes are going to seriously affect related businesses and markets. The issue itself is quite delicate. Any attempt to restrict sports wagering, for example, to casinos and racetracks, raises objections from other venues potentially interested in providing such services. Video gaming retailers are concerned about their revenues as they understand that if customers are going to wager from their mobile phones, there would be fewer customers in the slot parlors, and so on.

Illinois is one of the states where sports leagues have a strong pull. The new law is going to be very beneficial for them because of the integrity fees – the revenues generated by the taxation of sports betting.

The new bill is a big step forward. A year ago, the same attempt to legalize sports betting in Illinois had failed after many discussions and a subsequent decision to seriously rework the legislation proposed. As Rep. Lou Lang said last year, “It is more important that we do it right than we do it fast.”

Thus, in 2019, Illinois becomes the 16th state in the U.S. (+ Washington, D.C.) where sports wagering is allowed (with, however, many important differences and nuances in their respective legislation).

Related Posts

Read more

Las Vegas Strip to Have its First Nonsmoking Casino Venue

On Monday September 14, MGM announced that it plans to open its first smoke-free casino at the end of September, when Park MGM will finally reopen its venues to players and tourists. The resort comprises around 2,990 rooms and various restaurants, and it’s set to be reopened on September 30. The venue has been closed […]

Read More

Gambling in Australia: Past and Present

Australia is considered the most gambling country in the world, and not by chance – every year, an average Australian spends about $1300 on casino activities. What’s more, 10% of the budgets of some states consist of the income gained from the gambling business. And that’s not all. According to reports, by the end of […]

Read More

Bryn Kenney Just Won over $1.4M at Triton Poker Series, Montenegro

Bryn Kenney has managed to beat 79 players (34 entries included) at the Triton Poker Series, Montenegro, this week. Kenney won first place at the final table of Event #2, which was the No-Limit Hold’em Six Max HKD 500,000. Kenney ultimately won $1,432,264 (HKD 11,230,000) playing poker at 2019 Triton Poker Super High Roller Series, […]

Read More

Viktor “Isildur1” Blom: The Story of Millions of Ups and Downs

If you are suddenly interested to know who is the most famous poker pro in Sweden, what would be the answer? Most likely you will recall Isildur1, because it is he who is most widely associated with poker in Sweden. All in all, who is Isildur1 actually?Related Posts Everything You Need to Know About Gambling in Sout… Global […]

Read More
YOU MAY LIKE IT