TITLE 11: ALCOHOL, HORSE RACING, LOTTERY, AND VIDEO GAMING
SUBTITLE B: HORSE RACING
CHAPTER I: ILLINOIS RACING BOARD
SUBCHAPTER b: RULES APPLICABLE TO ORGANIZATION LICENSEES
PART 432 TOTALIZATOR SYSTEM LICENSEES
SECTION 432.70 LICENSE DEEMED PERSONAL
Section 432.70 License Deemed Personal
Licenses to operate totalizator systems are deemed personal in nature and non-transferable, and will terminate upon a substantial change of ownership of the totalizator company unless the Board grants approval of the substantial change of ownership. The sale or transfer of 25% or more of the equity of a totalizator company shall be considered a substantial change or ownership. In acting upon a request for approval of a substantial change in ownership, the Board shall consider the same factors as it considers in the initial grant of an occupation license to an applicant for a totalizator system license.