- Legal sports betting in Illinois is progressing with the rollout of phase two of the rules and regulations of the new law.
- Sports bettors must be 21 years old in order to wager on sports competitions.
- Initial revenue estimates by the Governor saw at least $200 million coming from the wagering on sports annually.
CHICAGO – The state of Illinois has entered phase two for their sports betting legislation.
In June of 2019, Governor J.B. Pritzker signed IL SB 690 into law, making the wagering on sports a legal pastime. Fast forward to seven months later and Illinois is still working out the rules and regulations to launch the activity to the public.
Phase I And II On The Road To Public Operations
Since it’s legalization in June, IL SB 690 has been a work in progress. In December of 2019, Phase I was released by the Illinois Gaming Board. Phase I saw the implementation of the application processes for venues that wanted to apply for sports betting licenses.
“Today’s release of applications and phase 1 rules is a significant step in the process the General Assembly and Governor Pritzker began earlier this year – the ethical and transparent implementation of sports wagering in Illinois,” said Marcus Fruchter, Illinois Gaming Board Administrator, in December.
It took six months to release Phase I due to the 30-day window where the public was allowed to comment on what they felt should be stipulated within the law. That period lasted from August into September 2019. The IGB commented that they needed to hear from the public in order to come up with a general structure to meet the needs of sports bettors within the state.
On January 23, Phase II was released by the IGB. Phase II revolved around the rules and regulations of the locations that could operate a sportsbook as well as covering all of the aspects within the business, ranging from wager types to official league data, limitations, and codes of conduct among other things mentioned in the official release.
“Once applications are submitted, vetted, and approved, an applicant may receive a temporary operating permit and could then begin accepting wagers as soon as they are ready to do so. The IGB is committed to the establishment of an ethical, transparent, successful, and efficient sports wagering regulatory structure and the phase 2 rules are an important additional step in the establishment of that structure,” said Fruchter.
With Phase II being finished, potential operators can begin applying and receiving temporary licenses in what Fruchter has called a “timely manner”. It will cost eligible businesses a $10 million licensing fee.
Under the law, a total of 23 licenses could be given out. They would be divided among the casinos of the state as well as the professional sporting venues, internet platforms, and racetracks. Revenue from the market would see a home with the Rebuild Illinois Capital Plan. This plan has many projects within it to help the infrastructure in Illinois.
Legal sports betting in the state is now closer than ever to being launched under the use of the temporary licenses. Phase II has finalized all the rules for the law and how businesses will operate. Residents should see legalized wagering on sports in Illinois sometime in 2020 and sometime sooner rather than later.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.