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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB1405 Introduced 1/31/2023, by Rep. Robert "Bob" Rita SYNOPSIS AS INTRODUCED: |
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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.
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| | A BILL FOR |
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| | HB1405 | | LRB103 25485 AMQ 51834 b |
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1 | | AN ACT concerning gaming.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Sports Wagering Act is amended by adding |
5 | | Section 25-61 as follows: |
6 | | (230 ILCS 45/25-61 new) |
7 | | Sec. 25-61. Exchange trade wagering license. |
8 | | (a) As used in this Section, "exchange trade wagering" |
9 | | means the buying and selling of betting contracts at any time |
10 | | prior to the conclusion of an event based on a describable zero |
11 | | to 100 scale of probability and employing a recognized market |
12 | | surveillance technology used in United States financial |
13 | | markets that is capable of identifying wagering activities |
14 | | indicative of problem gambling, money laundering, and other |
15 | | actions detrimental to the integrity of sports wagering. |
16 | | (b) The Board may issue up to 2 exchange trade wagering |
17 | | licenses. To be eligible for an exchange trade wagering |
18 | | license, an applicant must satisfy the following requirements: |
19 | | (1) is at least 21 years of age; |
20 | | (2) has no criminal background; and |
21 | | (3) demonstrates the level of skill required to |
22 | | operate sports wagering. |
23 | | All plans the applicant presents to the Board shall become |