The licences will be available to operators that do not currently hold a licence in the state or only have a temporary operating permit.
In line with the Illinois Sports Wagering Act, only an initial three online-only licences will be made available during the application process, which officially launched on August 5.
The board will formally notify the three successful applicants within 90 days of making a public announcement about the bids. Once named as a winning bidder, the applicant will have to pay a fee of $20m to secure the licence.