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Illinois Racing Board

Illinois Racing Board 11/20/13

AGREEMENT REACHED WITH STAKEHOLDERS ON ADVANCE DEPOSIT WAGERING


CHICAGO, IL -- With advance deposit wagering (ADW) set to expire on January 31, 2014, Illinois racetracks, advance deposit wagering companies, and horsemenís groups reached an agreement on November 19, 2013, regarding an extension of the advance deposit wagering law and funding the deficit of the Illinois Racing Board.

The following are terms of the agreement:

  • Three-year extension of ADW;
  • 0.2% surcharge on all winning wagers (on-track, intertrack, OTB and ADW) to provide supplemental funding to the IRB;
  • 0.5% optional surcharge on all winning wagers (on-track, intertrack, OTB and ADW) to be shared equally between horsemenís purses and racetracks;
  • Two additional OTB licenses for each racetrack located in Cook County (Arlington Park, Hawthorne Race Course, and Maywood Park);
  • Elimination of the 500 foot restriction for registered voters on the placement of OTBís;
  • $100,000 funding of Quarter Horse purses;
  • Financial accounting by the ADW companies (excluding Twin Spires) to the horsemenís groups; and
  • An organization licensee owned ADW must receive consent from their affiliated horsemenís association.

The agreement will be presented to the Illinois General Assembly for their consideration. If passed by the General Assembly and signed by Governor Quinn, the full racing schedule (schedule one), approved by the IRB on September 24, 2013, will be implemented.

 


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