IL SB1224

Creates the Fantasy Sports Consumer Protection Act establishing Illinois Gaming Board regulation of paid fantasy sports contests, requiring operators to obtain licenses with initial fees up to $1,000,000 based on adjusted gross receipts, and 4-year license terms with renewal fees of 1% of receipts

Imposes a 10-15% monthly tax on fantasy contest operators' adjusted gross receipts beginning July 1, 2025, with revenue deposited into the Common School Fund; 15% of registration fees directed to compulsive gambling treatment programs

Requires participants to be at least 21 years old and physically located in Illinois (verified by geolocation), prohibits athletes, coaches, referees, and trainers from participating in contests involving their sports, and mandates voluntary self-exclusion programs

Establishes consumer protections including anti-money laundering compliance, identity verification, fraud detection systems, independent annual audits, and supplier diversity reporting requirements for businesses owned by women, minorities, veterans, and persons with disabilities

Exempts fantasy contests from gambling offenses under the Criminal Code and excludes them from the Sports Wagering Act definition, allowing operators currently offering contests in Illinois to continue during the licensing application period