IL HB5142

Expands the definition of "sports wagering" under the Illinois Sports Wagering Act to include participation in prediction markets involving sports events, athlete performance statistics, or any portion of a sports event

Covers event contracts, sports-event contracts, derivatives, options, binary contracts, and similar financial instruments where a person risks something of value on sports outcomes

Applies regardless of whether transactions are peer-to-peer, whether participants bet against each other rather than the operator, or whether the operator is a counterparty to the transaction

Closes regulatory loopholes by specifying that activity constitutes sports wagering even when operators describe it as an "investing opportunity," "exchange," "marketplace," or "prediction market"