Illinois requires approval to sell companies

The Illinois Gaming Board now requires video gambling owners to obtain state approval in order to sell their companies.

US.- The Illinois Gaming Board has announced that video gambling operators are no longer allowed to sell their companies without state approval. The regulator said that this is an emergency measure to stop businesses under investigation to profit before disciplinary action.

According to Chicago Tribune, the vote to approve the measure was unanimous. It follows a case in which a state operator was in business with a convicted sports bookmaker and a baller accused by the FBI of organised crime.

During a board meeting on Thursday, a staff attorney said that it was important to fix the loophole. The previous regulations allowed businesses to report transactions three weeks after they were completed. The new rules require the operators to seek approval first, said legal counsel Dan Gerber.

“Immediately closing this loophole protects the safety and integrity of gaming by preventing a situation whereby terminal operator-owners that may have violated the board’s rules or other ethical requirement can sell businesses at a great profit without notice to the board or board approval to escape disciplinary action or liability for their misconduct,” Gerber said.

“The urgency of the situation is magnified by recent news reports of alleged past questionable practices and potential illegal activity,” he added.