The state of Illinois is continuing to make progress on sports betting
On Thursday, the Illinois Gaming Board (IGB) published phase two of its sports betting rules and regulations.
IGB Administrator Marcus Fruchter, said: “The Illinois Gaming Board has been working in an orderly and transparent way to enact gaming expansion that best serves Illinois and adheres to the Sports Wagering Act. Today’s release of phase two sports wagering rules is a continuation of that deliberate and thoughtful process, which will allow sports wagering to commence expeditiously and ethically across the state.”
This news comes after the IGB launched the sports betting licensing process in late December. The rules published in December outline the different criteria potential licensees must meet if they wish to serve the state.
What’s covered in the phase two rules?
The latest set of regulations cover every requirement for licensees to launch sports betting operations in the state of Illinois. These rules include accounting measures and financial record requirements to authorized types of bets, internet wagering requirements and responsible gambling measures.
These rules also state that official league data must be made to operators on commercially reasonable terms through a licensed data provider. On top of this, operators must provide controls for customers to set limits on the types of bets placed, the frequency in which they can bet and limits on spending. Operators must also provide customers with the option to completely exclude themselves from gambling.
The phase two rules also confirm that wagering on minor league or Illinois-based college teams will be banned. This will extend to parlay bets and fantasy sports on the same events.
“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 two rules are an important additional step in the establishment of that structure,” said Fruchter.
Sports betting in Illinois
In July 2019, Governor J.B Pritzker signed Illinois’ gambling expansion bill into law, making Illinois the fifth state to legalize sports betting in 2019. As well as legalizing sports betting, the bill allowed for the launch of six new land-based casinos and a large casino venue in Chicago.
Under the state’s sports betting laws wagering on collegiate sporting events that are held in the state will be prohibited. The sports leagues will also have the ability to place restrictions on certain types of bets in the state.
The legislation also authorizes the roll-out of slot machines at various racetracks and the O’Hare and Midway airports.