Illinois Gaming Board issues memorandum in response to prediction markets inquiries
Board Administrator Marcus Fruchter was attributed to the memorandum, stating there is currently ‘no right’ under state law to engage in or profit from gambling through contract.
The Illinois Gaming Board has issued a memorandum in response to inquiries made involving prediction markets and event contract trading, joining fellow states such as Pennsylvania and Michigan in sending warnings to operators potentially gearing to introduce the offering.
“As a general matter, there is no right under Illinois law to engage in or profit from gambling through contract or otherwise,” Illinois Gaming Board Administrator Marcus Fruchter said.
“‘Prediction markets’ constitute gambling activity under Illinois law. Parties that participate in or facilitate such activity in Illinois without IGB licensure or authorization are engaged in illegal gambling.”
Fellow states such as Pennsylvania and Michigan have also issued warnings to operators potentially gearing to offer prediction markets and event contract trading, as Pennsylvania Gaming Control Board Executive Chair Kevin O’Toole submitted a letter to state Senators and Congress outlining serious concerns around the gaming type on October 8.
Michigan Gaming Control Board Executive Director Henry Williams issued his own memorandum on October 3 to warn operators of becoming involved with prediction markets, stating any involvement found with the gaming type “will have implications relative to your licensure” in the state.
“It is unlawful to knowingly establish, maintain or operate an Internet site that permits a person to play a game of chance or skill for money or other thing of value, or that permits a person to make a wager upon the result of any sport, game, contest, political nomination, appointment or election via the Internet without an IGB-issued license,” Fruchter said.
“If a party engages in or facilitates illegal gambling activity, such conduct may impact that party’s suitability for licensure.”
Regulators from states such as Arizona and Ohio have also spoken out against prediction markets possibly entering the space, including letters sent from the Arizona Department of Gaming and Ohio Casino Control Commission.
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