The Illinois state legislature passed bill SB690 late Sunday night which will allow online sports betting, as well as, sports betting at casinos and racetracks.
Illinois Governor J.B. Pritzker has signed into law the far-reaching gaming expansion bill passed by the state legislature early in June, paving the way for the roll-out of regulated sports betting.
It should be noted that the bill does not allow for betting on college sports teams in the state of Illinois. The bill allows for sports facilities with capacity for 17.000 spectators to apply for a special wagering license.
The state is hoping to generate $700 million in revenue in the first year of legalized sports wagering from licensing fees and tax revenue.
It is expected that the casinos and racetracks will get the first opportunity to offer sports betting at state-licensed facilities, however, online sportsbooks, such as FanDuel and DraftKings, will have to wait 18 months before applying for a license.
Some felt that the legislatures were making more difficult for FanDuel and DraftKings after the state cited them for conducting betting activity on their fantasy sites before the state had approved certain types of online gambling, such as Daily Fantasy Sports.
Illinois is the 13th state to pass sports betting legislation, along with neighbors Iowa and Indiana.
The state is expected to have the highest cost by far for a state license at $20 million. The state is also expected to tax operators at 15 percent.
The bill also included provisions for the opening of six new casinos across the state, as well as, allowing racetracks to add slot machines and table games. The bill also raises the tax on video poker and requires gaming and sports betting operators to make minority hirings.
Also, a pilot program to include sports betting through the Illinois Lottery can now be assessed.