The newly added Sports Wagering Act legalizes sports wagering at select locations and develops guidelines and regulations.
LOTTERY SPORTS WAGERING PILOT PROGRAM
Following an open and competitive bidding process, one (1) Central System Provider License will be issued. This license allows the winning bidder to provide sports lottery terminals in retail lottery locations throughout the state, allowing 2,500 in the first year and an additional 2,500 in the second year. The initial fee is $20 million. All proceeds go to the Capital Projects Fund.
A tax of 15% is imposed on all adjusted gross sports wagering receipts. An additional 2% tax is imposed on receipts from sports wagering in Cook County, which will be paid back to the County for purpose of enhancing county’s criminal justice system. All proceeds go to Capital Projects Fund.
The Board must actively seek to achieve racial, ethnic, and geographic diversity when issuing Master Sports Wagering Licenses and encouraging minority-, women-, and veteran-owned businesses to apply for licensure. Additionally, all licensees are required to submit an annual report on all procurement goals and actual spending towards businesses owned by women, minorities, veterans, and persons with disabilities in the previous year. The Board and all licensees are also instructed to hold an annual workshop and job fair open to the public to discuss and improve diversity goals.