Illinois residents have been waiting for legal sports betting for quite some time. Here’s a look at when it might finally start.
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The State of Illinois has finally legalized sports betting, but when will it actually become available?
The law allowing sports betting in Illinois was passed in June 2019, but it will likely be many months before actual betting begins. The law requires the Illinois Gaming Board to develop regulations governing sports betting, and the Board has said that it does not expect to have those regulations finalized until early 2020.
Once the regulations are in place, interested parties will be able to apply for licenses to operate sports betting facilities. It is unclear how long the licensing process will take, but it is possible that sports betting could begin in Illinois as early as late 2020.
In the meantime, Illinois residents can still bet on horse racing and play the lottery.
What is the current status of sports betting in Illinois?
The current status of sports betting in Illinois is that it is not yet legal. There has been some legislation introduced that would legalize sports betting, but it has not yet been passed. The earliest that sports betting could become legal in Illinois is January 2020.
When will legal sports betting start in Illinois?
The Illinois Legislature recently passed a bill to allow sports betting in the state, and Governor J.B. Pritzker is expected to sign it into law. That means that, as soon as the law is in effect, Illinoisans will be able to bet on sports at licensed casinos, racetracks, and sports venues. The law will also allow people to bet on mobile apps, but only if they are physically located within the state.
What types of bets will be available?
The first sports bets in Illinois will be available online and through the state’s six casinos. Bets can be placed on professional and collegiate sporting events, but not on high school games.
There will be a 10% tax on sports betting revenue, with 8% going to the state and 1% each to the city where the bet was placed and the county where the event is taking place. The tax rate is higher than in some other states because Illinois lawmakers wanted to use sports betting to help fund a $45 billion capital construction plan.
How will Illinois residents be able to place bets?
Illinois residents will be able to place bets online, through a mobile app, or in person at one of the state’s casinos. The Illinois Gaming Board will issue licenses to both casinos and sports betting operators.
What impact will legal sports betting have on the state?
Sports betting in Illinois is currently illegal, but that could all change very soon. The state legislature has been working on a bill that would legalize and regulate sports betting, and it is expected to pass in the near future. Once the bill becomes law, sports betting will be allowed at physical locations and online.
There are a few different ways that legal sports betting could impact the state of Illinois. First, it could lead to more tourism. People who live in neighboring states may come to Illinois to place bets on sporting events. This could boost the economy and create new jobs. Second, legal sports betting could generate new tax revenue for the state. The money that is bet on sporting events can be taxed, and this could provide a much-needed boost to the state budget. Finally, legal sports betting could create new opportunities for businesses. Sports betting companies may set up shop in Illinois, and this could lead to new jobs and economic growth.
In conclusion, there is no one answer to the question of when legal sports betting will start in Illinois. It depends on a number of factors, including the passage of legislation and the ruling of the Illinois Gaming Board. However, it is safe to say that it will likely be sometime in 2020.