PREDICTION MARKETS REGULATION
Sponsored By: Michael E. Hastings (Democratic)
In Committee
Summary
Creates the Prediction Markets Regulation and Taxation Act. Includes findings and legislative intent provisions. Provides that no person shall operate a prediction market offering qualifying prediction market contracts to Illinois residents without first obtaining a master prediction market license from the Illinois Gaming Board and paying a $1,000,000 license fee to the Board. Provides that the master prediction market license is renewable annually upon payment of a $1,000,000 renewal fee and a determination of the Board that the licensee meets the requirements of the Act and the Board's rules. Requires the Board to adopt rules for licensing and establishes provisions concerning construction of the Act. Provides that the State shall impose and collect a privilege tax equal to 50% of a platform operator's adjusted gross receipts derived from qualifying prediction market contracts placed by or with Illinois residents. Sets forth provisions concerning additional requirements for the tax. Provides that violation of the Act shall constitute unlicensed gambling under the Criminal Code of 2012 and may result in cease and desist orders, civil penalties, license revocation, or referral for criminal prosecution. Grants the Board rulemaking authority to implement the Act. Amends the Criminal Code of 2012. Provides that, in addition to existing provisions, a person commits gambling when the person knowingly violates the Prediction Markets Regulation and Taxation Act.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Michael E. Hastings
Democratic • Senate
Cosponsors
Cristina Castro
Democratic • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Chief Co-Sponsor Sen. Cristina Castro
3/11/2026SenateReferred to Assignments
3/5/2026SenateFirst Reading
3/5/2026SenateFiled with Secretary by Sen. Michael E. Hastings
3/5/2026Senate
Bill Text
Introduced
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