No matter how much money you have, no matter how famous you are
no matter how many people admire you, being black in America is tough.
-Lebron James after his Los Angeles home was vandalized with racial slur
1st June 2017  
 
  It was a long time coming
 
The Story

In what could only be succinctly described as shocking, Illinois state senators overwhelmingly approved online gambling and daily fantasy sports legislation in a 42-10 vote.

 

Finally! What does the bill contain?

HB 479, as amended, would create the Internet Gaming Act and would allow both online poker and casino products. The bill provided that online licenses would only be available to the state’s licensed casino and horseracing operators. The bill also provided specifics on the amount of the applicant’s deposit for future tax obligations and the tax rates to their annual revenue.

 

Meanwhile, on the daily fantasy sports side...

The bill would also create the Fantasy Sports Contest Act (FSCA). The FSCA states that DFS operators would pay 5% tax on the first $1m of revenue, 7.5% on revenue between $1m and $3m, 10% on revenue between $3m and $8m, and 15% of revenue over $8m. It also stated that DFS license application fees would be based on revenue.

 

Now the ball is in the court of Illinois House of Representatives.

The House’s stance on online gambling is still up for debate. However, Speaker Michael Madigan is known to be against it. One could only hope that the members of the House will see the benefits of the upfront fees that will be given by online gambling operators in plugging the expected budget deficit of the state.

 

Takeaway

It was a long time coming for Illinois to approve online gambling and daily fantasy sports legislation. Still, the bill’s fate on Illinois House of Representatives remains to be a whole different story.

 
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  FACT YOU NEED TO KNOW
 

Annette Obrestad from Norway won the first World Series of Poker (WSOP) Europe main event in 2007, a day before her 19th birthday, making her the youngest person to win a WSOP bracelet.

 
  WORD OF THE DAY
 

RNG--Short for Random Number Generator. The RNG generates a value between 0 and 4 billion which is then translated into a specific set of numbers to correspond to the symbols on the reels. The outcome of each spin is determined by the number selected by the RNG.

 
 
 
 
 
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  SHOUT OUT
 

NASCAR fans, see you in Delaware on June 4 for the Dover International Speedway! Bookmakers have Kevin Harvick and Kyle Busch as their favorites to win, both with 11–2 odds. .

 
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