Four riverboats in the Chicago area will have to fork over around 36 million dollars annually now to the horse racing industry under the new legislation signed into law Friday by the Illinois state governor.

The casinos located in Elgin, Aurora and Joliet will have to surrender 3 percent of their revenues for the next two years to a horse racing trust fund that will be divided between horse owners and racetracks.

The legislation is hoped allow the horse racing industry to remain competitive in Illinois someone said in a prepared statement.

Supporters of this plan say the money is necessary because they failed in a 1999 law to send revenue from states now dormant 10th casino license to the tracks.

Next year, the Arlington Park track is expected to receive 4.2 million, most of which will go to increasing the prizes for the winners.

Similar legislation that had failed to pass twice in the state House but made it through after the downstate boats were excluded from the transferring of their revenues.

Opponents to the plan say it is unfair to tax one industry to support another and to exclude some boats from the state.

The Illinois Casino Gaming Association have announced that its members have considered challenging the current legislation, though the group has not been able to be reached for the last couple of days .

The governors office have denied that his support for the legislation is tied to about 250,000 in contributions, although the governor has accepted from the horse racing industry.