This week Illinois Governor J.B. Pritzker signed Senate Bill 690 into law, legalizing sportsbetting on the outskirts of the mid-western mecca of Chicago.
The bill was signed as a way to raise revenues for the state to invest in infrastructure, colleges, and state facilities over the next six years. It was a part of a series of four bills that will support those initiatives, with the ultimate goal being to create 540,000 jobs and generate $45 billion in revenues.
Sportsbetting will now be available at six land casinos in the state and will also see slot machines made available at racetracks and the O'Hare and Midway airports. Online sportsbetting will also be available.
There will be a $10 million licensing fee for the activity, with online sportsbetting licenses running $20 million. Sportsbetting will be taxed at a rate of 15% of gross revenues, which will be split in multiple ways.
We don't have a firm date for the launch of the activity, but we assume that the activity will be live sometime during the summer and in time for football season.