Illinois Senator Pushes Bill to Help Launch Online Casino Market

Illinois Senator Pushes Bill to Help Launch Online Casino Market

Illinois Online Casino

According to SBC Americas, a new piece of legislation would make it possible for casinos and racetracks in the state of Illinois to submit an application for an internet gambling license, which would allow for the inclusion of up to three “skins.”

The Illinois Gaming Board will be in charge of administration and will charge a fee of $250,000 for the license.

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Online Casinos in Illinois?

The new legislation that was proposed by Senator Castro provides that the tax rate on adjusted gross revenue would be set at 15%, and that operators will also be permitted to deduct promotional credits.

These provisions were included in the law. In contrast to the registration requirements for sports betting in Illinois, there won’t be any in-person requirements for internet casinos.

The legislation, on the other hand, does address issues of responsible gambling as well as diversity efforts. The operators are required to create a self-exclusion list and include wording about responsible gambling on their respective websites.

In addition to that, they will be required to produce annual reports on the diversity targets and accomplishments that they have made.

To avoid the sluggish procedures that Massachusetts and Maryland have encountered in the sports betting market, the bill has also established short deadlines for applicants. These deadlines are particularly important for candidates who already possess interactive gaming licenses.

Castro’s last attempt to legalize online casinos failed, but because sports betting is still very popular in Illinois, lawmakers are now more open to the idea of expanding into online gambling.

Illinois is Probably Going to Allow Online Gambling.

According to a recent article by Bonus.com, Illinois may soon join the list of states where it is legal to gamble online.

The benefits of having a regulated gaming market are abundantly evident, notwithstanding the fact that the process of legalization could take some time.

The pandemic has had a devastating effect on the economy, and the legalization of internet gambling might provide a cash stream that is desperately needed.

In addition, the regulation would secure the protection of players by mandating that licensed operators obey rules and heed self-exclusion requests, whereas unlicensed operators are not required to do any of these things.

It’s possible that Illinois’s Internet Gambling Act will be brought up for debate once more in 2022, despite the fact that a similar effort in 2021 was unsuccessful.

But because Illinois gets a lot of tax money from video gaming terminals (VGTs), the state may find it hard to start online casino gambling.

VGT play brought in about $786 million in tax income for the state of Illinois in 2022, which was more than double the amount of money earned by traditional casinos in areas other than sports betting.

In addition, because the gambling expansion bill that was passed in 2019 granted licenses for six new casinos, one of which will be located in the central business district of Chicago, it is anticipated that these establishments will be operating by the year 2023, either temporarily or permanently.

Because of these new businesses, it might be even harder for online casinos to catch on in the state of Illinois. 

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.