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Can I offer a sports betting product in Illinois? What are the requirements?

To offer a sports betting product in Illinois, you need to obtain a master sports wagering license or a supplier license from the Illinois Gaming Board. The requirements for each license are different.Master sports wagering licenseAn owners licensee may apply for a master sports wagering license [1.2]. The initial license fee for a master sports wagering license for an owners licensee is 5% of its adjusted gross receipts from the preceding calendar year. No initial license fee shall exceed $10,000,000. The master sports wagering license is valid for 4 years [1.2].Supplier licenseThe Board may issue a supplier license to a person to sell or lease sports wagering equipment, systems, or other gaming items to conduct sports wagering and offer services related to the equipment or other gaming items and data to a master sports wagering licensee while the license is active. An applicant for a supplier license shall demonstrate that the equipment, system, or services that the applicant plans to offer to the master sports wagering licensee conforms to standards established by the Board and applicable State law. The Board may accept approval by another jurisdiction that it specifically determines have similar equipment standards as evidence the applicant meets the standards established by the Board and applicable State law. Applicants shall pay to the Board a nonrefundable license and application fee in the amount of $150,000. The initial supplier license shall be issued for 4 years unless sooner canceled or terminated. After the initial period, the Board shall renew supplier licenses for additional 4-year periods unless sooner canceled or terminated. Renewal of a supplier license shall be granted to a renewal applicant who has continued to comply with all applicable statutory and regulatory requirements. Beginning 4 years after issuance of the initial supplier license, a holder of a supplier license shall pay a $150,000 annual license fee [1.1].Additionally, until issuance of the first license under Section 25-45 or March 5, 2022, whichever occurs first, an individual must create a sports wagering account in person at a facility authorized to conduct gambling operations under the Illinois Gambling Act to participate in sports wagering offered over the Internet or through a mobile application [1.2].ConclusionTo offer a sports betting product in Illinois, you need to obtain a master sports wagering license or a supplier license from the Illinois Gaming Board. The requirements for each license are different.