Illinois State Legislature Passes Bill Legalizing Sports Gambling

Illinois will likely become the latest state to legalize sports gambling.

According to David Purdum of ESPN, the Illinois legislature passed a broad funding bill Sunday, which will allow betting online as well as in casinos and racetracks.

"Today is the culmination of a tremendous amount of hard work, determination and teamwork behind a vision for entertainment and economic opportunity in Illinois," state Rep. Mike Zalewski said in a statement.

Governor JB Pritzker is expected to sign the bill later this month.

The legislation forbids betting on Illinois college teams, which has become a common practice among states legalizing the activity. According to Ryan Rodenberg of ESPN.com, eight states have full-scale legalized betting while several others have already passed legislation.

Meanwhile, the latest bill in Illinois could offer a unique opportunity with gambling available at professional stadiums like Wrigley Field and Soldier Field.

Facilities with more than 17,000 seats can apply for a master sports wagering license, which costs $10 million and lasts four years.

According to the Associated Press (via WGN9), the state is hoping to generate $700 million in the first year from just licensing fees and tax revenue.