Governor J.B. Pritzker signed a massive gaming initiative at the end of June. It included the Illinois sports betting law. Although the legalization of sports wagering doesn’t mean bets can be accepted right away, it does signal a major change in the state.
The state tasked the State Gaming Board to oversee the implementation of the sports betting law in the state. As a result, the Gaming Board will review and approve applications for licenses. In addition, it will create the implementing rules and regulations of legal sports betting in the state.
Based on the Illinois sports betting law, the licensing fee will not be higher than $10 million. Also, the state prohibits betting on college teams from the state. Online sports gambling operators need to wait after 18 months before they can legally accept bets.
When it comes to users, they need to register in person before they can use mobile apps offered by retail sportsbooks, sports arenas, and racetracks. The tax rate on sports betting revenue is 15 percent. In addition, the state allows leagues to charge fees for use of their official data based on the press release sent to a political forum.
Future for Illinois Sports Betting Law
According to gambling industry news, Illinois sports betting law has unique provisions. For instance, it delays the operations of online-only firms by 18 months. Lawmakers saw it as a way to penalize FanDuel and DraftKings for accepting wagers on fantasy games from Illinois residents in the past.
The enactment of the massive gaming initiative is a victory for Illinois lawmakers who supported the comprehensive gambling expansion package. The state will use the additional gambling revenue to fund various infrastructure projects across the state.
If you are a sports betting software provider, make sure you stay updated with the rules being formulated by the State Gaming Board. It is important to comply with the rules to ensure you don’t run into any legal problems in the state.