Illinois General Assembly - Full Text of SB1881
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of SB1881  103rd General Assembly

SB1881 103RD GENERAL ASSEMBLY

  
  

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1881

 

Introduced 2/9/2023, by Sen. Bill Cunningham

 

SYNOPSIS AS INTRODUCED:
 
230 ILCS 45/25-61 new

    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.


LRB103 25486 AMQ 51835 b

 

 

A BILL FOR

 

SB1881LRB103 25486 AMQ 51835 b

1    AN ACT concerning gaming.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Sports Wagering Act is amended by adding
5Section 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"
9means the buying and selling of betting contracts at any time
10prior to the conclusion of an event based on a describable zero
11to 100 scale of probability and employing a recognized market
12surveillance technology used in United States financial
13markets that is capable of identifying wagering activities
14indicative of problem gambling, money laundering, and other
15actions detrimental to the integrity of sports wagering.
16    (b) The Board may issue up to 2 exchange trade wagering
17licenses. To be eligible for an exchange trade wagering
18license, 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

 

 

SB1881- 2 -LRB103 25486 AMQ 51835 b

1a condition of licensure.
2    (c) The initial fee for an exchange trade wagering license
3is $500,000. The exchange trade wagering license is valid for
44 years. A licensee may renew an exchange trade wagering
5license for a period of 4 years by paying a $100,000 renewal
6fee to the Board.
7    (d) A license granted under this Section shall not be
8considered a property right.
9    (e) Taxes levied and collected from an exchange trade
10wagering licensee shall be the same as taxes levied and
11collected from a master sports wagering licensee as described
12in Section 25-90.
13    (f) A license granted under this Section is limited to
14exchange trade wagering and may not be used to allow a licensee
15to participate in other types of gambling.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.