103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
Introduced 1/31/2023, by Rep. Robert "Bob" Rita
SYNOPSIS AS INTRODUCED:
Amends the Sports Wagering Act. Provides that "exchange trade
wagering" means the buying and selling of betting contracts at any time
prior to the conclusion of an event based on a describable zero to 100
scale of probability and employing a recognized market surveillance
technology used in United States financial markets that is capable of
identifying wagering activities indicative of problem gambling, money
laundering, and other actions detrimental to the integrity of sports
wagering. Provides for the creation of an exchange trade wagering license.
Provides that the Illinois Gaming Board may issue up to 2 exchange trade
wagering licensees. Provides for eligibility of an applicant for a
license. Provides for specified licensing requirements and fees. Provides
that the license shall not be considered a property right. Provides that
taxes levied and collected from an exchange trade wagering licensee shall
be the same as taxes levied and collected from a master sports wagering
licensee. Provides that an exchange trade wagering license is limited to
exchange trade wagering and may not be used to allow a licensee to
participate in other types of gambling. Effective immediately.
A BILL FOR
|HB1405||LRB103 25485 AMQ 51834 b|
AN ACT concerning gaming.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Sports Wagering Act is amended by adding
Section 25-61 as follows:
(230 ILCS 45/25-61 new)
Exchange trade wagering license.
(a) As used in this Section, "exchange trade wagering"
means the buying and selling of betting contracts at any time
prior to the conclusion of an event based on a describable zero
to 100 scale of probability and employing a recognized market
surveillance technology used in United States financial
markets that is capable of identifying wagering activities
indicative of problem gambling, money laundering, and other
actions detrimental to the integrity of sports wagering.
(b) The Board may issue up to 2 exchange trade wagering
licenses. To be eligible for an exchange trade wagering
license, an applicant must satisfy the following requirements:
(1) is at least 21 years of age;
(2) has no criminal background; and
(3) demonstrates the level of skill required to
operate sports wagering.
All plans the applicant presents to the Board shall become