Legislators in Illinois are working to improve the state’s current Sports Wagering Act.
A pair of House bills were introduced at the end of January in an effort to have a significant impact on the legal sports wagering market in Illinois once it goes online in 2020.
The Governor Permits Mobile Enrollment
The “temporary” ban on in-person sports wagering enrollment in Illinois was repeated in a total of 7 instances by Governor Pritzker in 2020 and early 2021. In February, he was anticipated to do the same in March and April. As a result of the removal of the criteria, gamblers may now register online without having to visit a casino.
But, Illinois has an 18-month ban on the in-person requirements. Illinois may permit up to 3 new internet-only sportsbooks to open in the state after a year and a half of legal online sports wagering in the state. The state must enable customers to register without having to visit a casino at a certain point since such sports wagering websites will not be connected to a land-based property.
Where To Find Trusted Bookies
With so many bookies to choose from, it may be hard for players to find a sportsbook to gamble at. Some bookies may be legit but some may also be a scam. To assure you that you choose one that is not only legit but trustworthy as well, we have found a trusted list of online bookies for The Prairie State that you can use to place your desired sporting bets.
Further, you will see the bonuses that bookies are offering. Like many pro gamblers say, take advantage of any bonus you can get, especially when they are free.
How Gambling Is Taxed In Illinois
Sports wagering is subject to a slew of fees and taxes in the state of Illinois. In order to create a sportsbook, casinos must spend $10 million apiece and pay an extra 15% tax across all sportsbook revenues. Each and every state’s three unawarded online-only licenses are projected to cost $20 million.
Taxes, on the other hand, are really not particularly difficult for sports gamblers. Taxing sports wagering earnings in Illinois is the same as taxing normal income. It is important to declare your sports wagering winnings on both federal and state tax returns. You may balance the winnings with losses. Only a net loss from sports gambling can’t be used to offset alternative sources of revenue.
House Bill 5376
Sports gambling income financing in the United States is about to undergo a major shift thanks to a new measure sponsored by lawmakers.
Rep. Daniel Didech introduced House Bill 5376 on January 28th, which aims to provide Illinois Division I institutions with a portion of the tax income generated from sports wagering.
HB 5376 focuses on supporting four major areas:
- Counseling for college athletes with mental health problems
- Events involving the practice of sports wagering
- Complying with regulations to make certain that the rules governing sports betting are followed
- Communications between both the Illinois Gaming Board and institutions that are both regular and useful
For the Collegiate Sports Services Fund, HB 5376’s tax-specified features would transfer 6% of sports wagering tax income.
To pay for the additional 6 percent, money would come completely from the Sports Betting Fund, which was set up specifically to assist with collegiate sports wagering.
Ditech’s second argument, on the other hand, may lead to questions if it hasn’t previously.
Additionally, even if some NCAA Division I college players and employees already have current accounts, the measure authorizes them to be banned from engaging in Illinois sports wagering.
Colleges in Division I can designate which of their athletes or employees are exempt from sports wagering.
Senate Bill 3872
Sen. Bill Cunningham also submitted Senate Bill 3872, which calls for the implementation of a sports wagering exchange program.
Unlike traditional sportsbooks, sports gambling exchanges pair up gamblers on opposing sides of the same game. There is a minor amount of money taken out of the trade.
Only wagering exchanges would be subject to the licensing requirements.
The first reading of Senate Bill 3872 has been completed, and the bill has been referred to a committee for further consideration.
Illinois Sports Betting Law
In the previous several years, Illinois’ sports wagering regulations have undergone numerous revisions and additions. There are a number of important new laws, including:
- 2018 – Legislators in Illinois have shown a desire in legalizing sports gambling. Five experimental legislation were presented. The first to incorporate an integrity fee, as well as other perks for lobbyists of professional sports leagues, was Napoleon Harris, a former Professional football linebacker.
- 2019 – As part of his budget plan, Governor Pritzker advocated for legislation legalizing sports wagering. By May, the number of suggested revisions had been reduced from five to two. Sports gambling became permitted in New Jersey after a slew of revisions to the original legislation.
- 2020 – On March 9, Rivers Casino Des Plaines placed the first-ever authorized sports bet.
Illinois Sports Betting FAQ
1. Where can I place sports bets in Illinois?
From now on, anyone in the state can open a sports gambling account. Governor Pritzker is unlikely to change this decision at this stage. The state of Illinois requires him to update his online memberships on a regular basis.
2. Is it legal to gamble on sports in Illinois?
Yes. Numerous casinos now offer sports wagering after the state’s first legal sports wager was placed in March 2020. Online sportsbooks are available in Illinois as well.
3. In Illinois, who is allowed to place sports bets?
In the state of Illinois, anybody over the age of 21 is permitted to place a wager on a sporting event.