summary
Introduced
02/08/2024
02/08/2024
In Committee
04/05/2024
04/05/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Amends the Sports Wagering Act. Provides that, if a public entity that owns a sports facility does not apply for a master sports wagering license, a professional sports team that (i) plays the majority of its home contests at the sports facility and (ii) has received written authorization from the public entity may apply to the Illinois Gaming Board for a master sports wagering license in place of the public entity and shall be deemed to be a sports facility for the purposes of the Act. Requires a professional sports team granted a license under the provisions to operate through a designee. Sets the initial license fee for a master sports wagering license for a professional sports team at $1,000,000, but adjusts the amount 12 months after the professional sports team licensee begins sportsbook operations based on 5% of its handle from the first 12 months of sportsbook operations. Provides that the master sports wagering license is valid for 4 years. Allows the Board to adopt rules necessary to implement the provisions.
AI Summary
This bill amends the Sports Wagering Act to allow a professional sports team that plays the majority of its home contests at a sports facility, and has received written authorization from the public entity that owns the facility, to apply for a master sports wagering license in place of the public entity. The professional sports team must operate through a designee, who will be treated as the owner of the sports facility for the purposes of the Act. The initial license fee for the professional sports team is $1,000,000, but it will be adjusted 12 months after the team begins sportsbook operations based on 5% of its handle from the first 12 months. The master sports wagering license is valid for 4 years, and the bill allows the Illinois Gaming Board to adopt rules necessary to implement these provisions.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Session Sine Die (on 01/07/2025)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Sports and Gambling Regulation
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5092&GAID=17&DocTypeID=HB&SessionID=112&GA=103 | 02/08/2024 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB5092.htm | 02/08/2024 |
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