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Gambling expansion in Illinois no sure bet

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7 years ago

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Gambling expansion in Illinois no sure bet

Proponents of gambling expansion in Illinois are split on whether major legislation will get signed into law in 2018, with some going as far as saying there’s a better-than-even chance.

 

But, as in past years, others are betting efforts will come up short.

Those who follow gambling issues closely at the Capitol say expansion is no sure thing in 2018, but some lawmakers say a newfound urgency to compete with surrounding states and stay up to date with new technology will be enough to get all kinds of gambling legislation through.

“I think there’s enough critical mass and opportunity in the General Assembly to get something done,” said state Rep. Michael Zalewski, D-Riverside.

Zalewski, long a proponent of gaming, is sponsoring legislation, House Bill 479, which would legalize and regulate online daily fantasy sports sites such as DraftKings and FanDuel.

Such websites have operated in a legal gray area the past few years as state attorneys generals, including Lisa Madigan, have deemed such activities illegal gambling under current law. Zalewski said “it makes no sense to operate in a regulatory vacuum.”

The measure passed the Senate overwhelmingly last May but stalled in the House.

Many bills under consideration, from Zalewski’s to one that calls for a massive expansion of riverboat casinos, have been proposed before. But perhaps altering the landscape this year is a U.S. Supreme Court decision expected this spring that could legalize state-sanctioned sports betting.

The pending case, Christie v. NCAA, will address the constitutionality of a federal law that prohibits sports betting in most places outside Nevada. Should it be overturned, states like Illinois could try to cash in on the windfall.

Eilers & Krejcik Gaming, a research firm that tracks the gambling sector, said in a report that Illinois is one of 11 states likely to move sports betting legislation this year, hoping to take advantage of an industry previously relegated to a handful of states and offshore websites.

“It would be wrong to not study this and see if it would be beneficial for the state should sports betting be legalized in the United States,” said state Rep. Lou Lang, D-Skokie. “If this is going to be a viable legal business, we don’t want to be behind 30 other states who have legalized it.”

Lang, though careful not to stake out a position, said the legislature will likely hold committee hearings on the topic in the upcoming session.

“If the Supreme Court does overturn Christie v. NCAA, it would be smart to have some enabling legislation in place,” said Steve Brubaker, a lobbyist for the horse racing industry.

Gambling legislation comes up nearly every session as lawmakers seek to fill the state’s coffers with desperately needed tax revenue, while giving an economic boost to the industries and communities they serve.

With the lottery, riverboats, horse racing and video gambling, Illinois received more than $1.3 billion in tax revenue from the industry in 2017, a nearly 8 percent increase from the prior year, a Commission on Government Forecasting and Accountability report found.

But the report and industry experts say Illinois could be close to a saturation point, brought on by the meteoric rise of video gambling across the state.

“What’s happened is states have sort of maxed out their capacity to expand gaming,” said Clyde Barrow, a gaming expert and professor at the University of Texas Rio Grande Valley. “Sports betting is really one of the last frontiers of expanding gaming.”

Barrow said a lot of variables play into the amount of tax revenue states could receive from sports betting, but the nationwide market right now “is in the billions of dollars,” despite the federal ban.

Senate Bill 7, another bill that passed the Illinois Senate, would allow for the creation of new casinos in Chicago, south suburban Cook County, Danville, northern Lake County, Rockford and Williamson County in southern Illinois. The legislation would also permit slots at racetracks to help prop up the state’s struggling horse racing industry.

Though the legislation is similar to the framework of previous gambling expansion bills that have failed, including two vetoes from former Gov. Pat Quinn, state Sen. Dave Syverson, R-Rockford, said they cannot wait any longer.

“We’re hoping the House would take up the gaming bill and pass it and save northern Illinois from what would be a really big blow,” Syverson said. “Even if they hold it up for another year, we’ll be too late.”

Syverson said a proposed Indian casino, hotel and convention center just a few feet north of the Wisconsin state line threatens to devastate Rockford’s convention and tourism industry. Leaders in other areas near state borders have expressed similar frustrations.

“Some would say that Chicago has a casino, and that casino is in Indiana,” Lang said, referring to the multiple gambling locations just over the state line.

Lawmakers and lobbyists say gaming legislation can happen this year, but the big lift will be holding together an industry that’s often at odds with one another. This may mean a “Christmas tree” bill where everyone gets something.

“It would make sense to pull everyone in,” said Donna More, a lobbyist who previously served as general counsel to the Illinois Gaming Board. She adds that there’s an ‘arms race’ for gaming revenue, so, for example, “unless you tie additional casinos with slots at the tracks, it doesn’t work.”

But not all are convinced additional casinos are coming down the pike soon. Illinois Casino Gaming Association President Tom Swoik said he would be surprised to see gaming expansion pass this year.

Brubaker was even more blunt. “We won’t see any gambling expansion of any kind become law in 2018,” he said, citing election-year politics, the relatively short legislative session and competing gaming interests.

But Lang was more optimistic.

“It will happen, whether it’s this year or next or the year after,” Lang said.

 

Source: sj-r.com


Source: European Gaming Portal

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XT.COM Announces Listing of Zenex

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2 months ago

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February 11, 2025

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XT.COM has announced the listing of ZNX (Zenex), an AI-driven payment infrastructure token designed to revolutionize the $107B+ iGaming industry. The ZNX/USDT trading pair will be available in the Innovation Zone (RWA), providing traders with access to a token that brings real-world business utility, enhanced fraud protection, and verifiable revenue-sharing mechanisms to online and land-based gaming operators.

Imagine a payment ecosystem where betting operators no longer need to freeze millions in capital reserves, where players enjoy seamless transactions across continents, and where token holders benefit directly from the growing gaming industry. That’s not a future promise – it’s what Zenex delivers today.

At its core, Zenex solves the gaming industry’s biggest challenge – the massive capital reserves required by traditional payment systems. Through the innovative blockchain and AI infrastructure, gaming operators who hold ZNX can reduce their reserve requirements by up to 30%, instantly freeing up capital for growth and operations.

The Zenex ecosystem combines multiple revenue streams that directly benefit ZNX token holders:

• Operational Betting Shops: The expanding network of profitable locations across Kenya generates consistent revenue, with systematic buybacks supporting token value.

• Advanced Payment Infrastructure: Already processing millions in monthly transactions, the payment solution helps operators reduce costs while improving transaction efficiency.

• White-Label Gaming Solutions: The proprietary platform powers multiple online casinos and betting operations, generating steady transaction volume.

• Innovative Mini-Games Platform: A suite of engaging games drives player engagement and creates additional revenue streams.

• Premium Card Solution: The upcoming Zenex Card will revolutionize how players access and manage their funds across 150+ countries.

The Zenex Advantage:

• Systematic Buybacks: A portion of all gaming revenue is used to buy back ZNX tokens, creating sustainable price support.

• Token Utility: Operators holding ZNX benefit from reduced reserve requirements, creating natural demand from the $107 billion iGaming industry.

• Strategic Lock-ups: Smart contract-based locking mechanisms ensure long-term price stability.

• Community Governance: Token holders participate in key decisions about platform development and charity initiatives.

The post XT.COM Announces Listing of Zenex appeared first on Gaming and Gambling Industry in the Americas.

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Alejandro Navarro

Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform

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4 months ago

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December 10, 2024

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Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.

Opening Casino Ownership to Everyone

The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.

This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.

“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.

Direct Profit-Sharing Through Tokens

Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.

“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.

Global Growth of Online Casino Ownership

The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.

Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.

The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.

New Opportunities for Investment

Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.

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Bradley Khoury

eCOGRA Approved to Operate in Arizona, Indiana and Panama

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5 months ago

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November 22, 2024

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eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.

This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.

Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.

In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.

“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.

Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”

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