Governor signs advanced deposit wagering bill
Jan 29, 2014 19:36:25 GMT -5
Post by Deleted on Jan 29, 2014 19:36:25 GMT -5
From the Chicago Tribune just about a half hour ago.....
Governor signs advanced deposit wagering bill
Measure assures tracks needed operating income and allows bettors accounts from which to bet races over Internet
By Ray Long, Tribune reporter
5:47 p.m. CST, January 29, 2014
SPRINGFIELD — Gov. Pat Quinn on Wednesday signed into law a bill the horse-racing industry desperately wanted to keep its funding levels from taking a severe hit and shutting down racing dates around the state.
Advanced deposit wagering will stay in place after both the House and Senate voted to keep Illinois in the business of letting bettors put up money in accounts so they can bet over the Internet on races throughout the country. The Democratic governor signed the measure within hours because the law was set to expire Friday.
The law imposes a surcharge on winning bets during pari-mutuel wagering, including at live tracks and off-track betting parlors.
If the General Assembly didn't act today, the state's regulators would have been short on cash and some tracks would have had to reduce or eliminate race dates, bill sponsor Rep. Bob Rita said.
"It would have been devastating to the horse-racing industry," said Rita, D-Blue Island. "It would have had a ripple effect all the way down from the backstretch hands to the breeders and the farmers" who raise grain in Illinois to feed the horses.
Sen. Terry Link, D-Waukegan, said the law's expiration date was extended until February 2017 to prevent a "dramatic cut" in racing activities.
rlong@tribune.com
www.chicagotribune.com/sports/horseracing/ct-illinois-horse-racing-spt-0130-20140130,0,220545.story
Governor signs advanced deposit wagering bill
Measure assures tracks needed operating income and allows bettors accounts from which to bet races over Internet
By Ray Long, Tribune reporter
5:47 p.m. CST, January 29, 2014
SPRINGFIELD — Gov. Pat Quinn on Wednesday signed into law a bill the horse-racing industry desperately wanted to keep its funding levels from taking a severe hit and shutting down racing dates around the state.
Advanced deposit wagering will stay in place after both the House and Senate voted to keep Illinois in the business of letting bettors put up money in accounts so they can bet over the Internet on races throughout the country. The Democratic governor signed the measure within hours because the law was set to expire Friday.
The law imposes a surcharge on winning bets during pari-mutuel wagering, including at live tracks and off-track betting parlors.
If the General Assembly didn't act today, the state's regulators would have been short on cash and some tracks would have had to reduce or eliminate race dates, bill sponsor Rep. Bob Rita said.
"It would have been devastating to the horse-racing industry," said Rita, D-Blue Island. "It would have had a ripple effect all the way down from the backstretch hands to the breeders and the farmers" who raise grain in Illinois to feed the horses.
Sen. Terry Link, D-Waukegan, said the law's expiration date was extended until February 2017 to prevent a "dramatic cut" in racing activities.
rlong@tribune.com
www.chicagotribune.com/sports/horseracing/ct-illinois-horse-racing-spt-0130-20140130,0,220545.story