Vote Smart's Synopsis:

Vote to pass a bill that establishes regulations for fantasy sports contests.

Highlights:

• Requires an individual to obtain a license from the Illinois Gaming Board in order to conduct fantasy sports contests (Sec. 65).

• Requires an individual to be at least 21 years of age to participate in a fantasy sports contest (Sec. 10).

• Prohibits an individual who is an employee of a fantasy sports contest operator or of a professional sports league from participating in a fantasy sports contest (Sec. 40).

• Prohibits a fantasy sports contest from involving amateur or collegiate level sports (Sec. 40).

• Prohibits a fantasy sports contest form establishing a winning outcome based on the score, point spread, or performance of a single team or athlete in a single event (Sec. 10).

• Prohibits a fantasy sports contest operator from advertising on a college campus (Sec. 45).

• Requires a fantasy sports contest operator to be subject to an audit every 3 years if annual is less than $100,000, or every year if annual revenue is greater than $100,000 (Sec. 55).

• Establishes a privilege tax for fantasy sports contest operators at the following rates (Sec. 75): 
• 5 percent of annual revenues up to $1 million;
• 7.5 percent of annual revenues between $1 million and $3 million;
• 10 percent of annual revenues between $3 million and $8 million;
• 15 percent of annual revenues between $8 million and $15 million;
• 22.5 percent of annual revenues between $15 million and $25 million; and
• 30 percent of annual revenues more than $25 million.

• Appropriates the taxes collected from fantasy sports contest operators to the Education Assistance Fund (Sec. 20).

Full Bill Text