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Illinois Committee Rejects Gambling Contract Rules

Illinois Committee Rejects Gambling Contract Rules

The Illinois Gaming Board has expressed its surprise that lawmakers rejected proposed video gambling reforms during a closed-door meeting and the head of the board has said that he will be bringing the issue back to lawmakers.

The Joint Committee on Administrative Rules rejected rules that would put restrictions on selling contracts for video gambling terminals and create a list of who Illinois can’t do business with. The rules were the result of an investigation which showed how unlicensed solicitors can profit from selling contracts for video gambling machines at up to $20,000 per bar.

The committee members said that the proposed rules went too far and that the Gaming Board hadn’t properly explained its position.

However, the Gaming Board chairman, Aaron Jaffe, said that new guidelines are urgently needed to keep unsavory characters out of gambling. Jaffe said that he “was absolutely astounded that they would reject [the rules].”

Jaffe said that the board will either bring the issue to the full General Assembly this year or draft another set of rules for the committee. He has estimated that hundreds of contracts have been sold by unlicensed individuals, at present it is unclear what will happen to the terminals installed under those contracts.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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