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Politicians in Illinois have voted to legalize sportsbetting within the state's borders, giving access to wagering on sports to 12.7 million residents.
The Senate approved of SB690 with a 46-10 margin, coming one day after the House approved of it 87-27. The activity will allow casinos and racetracks to offer sportsbetting services, should they apply for and be approved for a license. Additionally, large stadiums such as Soldier Field or Wrigley Field will also be able to provide the wagers.
There will also be online licenses available for three operators, but they'll be delayed 18 months after the launch of land-based wagers. Licensing fees will be $20 million up front, but with $1 million renewal fees every four years. Land betting destinations will pay 5% of revenues from the previous year, capped at $10 million with $1 million in renewal fees.
The passage makes Illinois the 5th state this year to legalize sportsbetting, coming in behind Montana, Iowa, Tennessee, and neighboring Indiana.
We'll inform players about when the state's new industry begins accepting wagers.