Illinois senate bill 3872 has amended the Sports Wagering Act to allow prediction market betting exchanges.
Senator William Cunningham introduced and sponsored Senate Bill 3872, the Exchange Trade Wagering Bill, which plans to entitle the Illinois Gaming Board to issue two exchange trade wagering licenses to an applicant.
“Exchange trade wagering” is defined as the buying and selling of betting contracts at any time prior to the conclusion of an event based on a “describable zero to 100 scale of probability”. Operators must employ a recognised market surveillance technology used in the US financial markets.
The amendment of the Sports Wagering Act suggests that two exchange trade wagering licenses can be issued to operators.
Under the bill, the board specifies that it can issue trade wagering licenses to any applicant who is at least 21 years of age, has no criminal background and demonstrates the level of skill required to operate sports wagering.
The initial fee for an exchange trade wagering license is $500,000. The exchange trade wagering license is valid for 4 years. A licensee may renew an exchange trade wagering license for a period of 4 years by paying $100,000 renewal fee to the board.
The bill also specifies that the license is not considered a property right and that taxes levied and collected from an exchange trade wagering licensee shall be the same as a master sports wagering licensee.
This exchange wagering license is limited to exchange trade wagering and may not be used to allow a licensee to participate in other types of gambling, including bookmaking.
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