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IL SB4168
Bill
Status
Introduced
3/5/2026
Primary Sponsor
Michael Hastings
Click for details
AI Summary
- Creates the Prediction Markets Regulation and Taxation Act requiring platform operators to obtain a master prediction market license from the Illinois Gaming Board with a $1,000,000 initial fee and $1,000,000 annual renewal fee
- Imposes a 50% privilege tax on adjusted gross receipts from qualifying prediction market contracts placed by Illinois residents, with monthly remittance to the General Revenue Fund
- Covers nonsports prediction contracts including political elections, economic indicators, regulatory decisions, weather phenomena, and entertainment events, while explicitly excluding sports wagering and casino games
- Requires the Gaming Board to adopt rules for age restrictions (21+), geofencing, anti-money laundering compliance, responsible gambling tools, and market integrity monitoring
- Amends the Criminal Code of 2012 to make unlicensed prediction market operation or offering excluded sports contracts a gambling offense subject to cease and desist orders, civil penalties, license revocation, or criminal prosecution
Legislative Description
PREDICTION MARKETS REGULATION
Last Action
Added as Chief Co-Sponsor Sen. Cristina Castro
3/11/2026
Committee Referrals
Assignments3/5/2026
Full Bill Text
No bill text available