IL HB5847

Adds definition of "eligible professional sports team" to the Sports Wagering Act and allows professional sports teams to apply for master sports wagering licenses.

Permits one professional sports team at a government-owned sports facility to apply for a master sports wagering license in place of the facility if written authorization is obtained from all teams playing home contests there.

Reduces initial and renewal master sports wagering license fees by 50% for applicants meeting social equity guidelines (at least 15% minority-owned, women-owned, or disability-owned business with less than $50,000,000 annual income).

Expands where sports wagering can occur from within a 5-block radius to within 5,000 lineal feet of the sports facility, and allows Internet sports wagering statewide rather than just within 5 blocks.

Specifies that sports facility owners are not considered "key persons" when an eligible professional sports team or their designee is the applicant for a master sports wagering license.