* I’m not totally sure what the “smart money” is saying right now, but here’s the Tribune’s take…

The smart money says that if Illinois lawmakers are going to legalize sports betting this spring, it’s going to be part of a larger gambling expansion deal that also includes new casino licenses and expanded betting options at horse tracks.

Democratic Gov. J.B. Pritzker did not want to squander the opportunity to bring in new state revenue through legalized sports betting, made possible by a U.S. Supreme Court ruling last year, by tying the issue to the parochial gambling debates that have failed to produce an agreement for the better part of a decade. The governor is counting on more than $200 million in sports betting revenue in his spending plan for the budget year that begins July 1.

But with their scheduled May 31 adjournment approaching, lawmakers are faced with the reality that winning broad support for a sports betting bill likely will require resolving issues they’ve been kicking around since then-Gov. Pat Quinn in 2013 vetoed the last gambling expansion bill passed by the General Assembly. Because Pritzker has placed such a high priority on sports betting, all sides see it as leverage to achieve their long-sought goals.

* The speculation kicked into high gear yesterday when Mayor Emanuel’s people weighed in. Here’s the take from Tony Arnold at WBEZ…

At a House committee hearing Thursday, a lobbyist for the mayor’s office testified that the city would support Pritzker’s call for legalized sports gambling as part of a bill that would allow for a Chicago-run casino.

“The city of Chicago supports sports wagering and the legalization of it within a comprehensive amendment that provides for a publicly-owned Chicago casino license,” said Derek Blaida, a lobbyist for the city of Chicago.

The city’s request is in line with a controversial speech Emanuel gave in December about solving the city’s underfunded pension crisis. He urged state lawmakers to approve a Chicago casino to help prop up City Hall’s massively underfunded retirement systems. Per state law, any revenue from a Chicago casino is supposed to go toward the police and fire pensions. […]

Pritzker warned against this exact approach less than three months ago in his budget address to lawmakers. Saying previous attempts to expand gambling in Illinois failed because they would “get bogged down in regional disputes and a Christmas tree approach,” Pritzker called sports betting “different” since it was only recently legalized by the U.S. Supreme Court.

It’s unclear if tying a Chicago casino to Pritzker’s legalized sports gambling push has the blessing of Mayor-elect Lori Lightfoot, who takes office May 20. A spokeswoman did not immediately respond to WBEZ’s request for comment. Lightfoot voiced support for a city-run casino during the campaign.

To put this in context, the House and Senate have nine scheduled session days between now and the day Lightfoot is sworn into office at noon on May 20th. And one of those days is a Friday without an official deadline, which are often canceled. There are, on the other hand, 12 session days scheduled starting on May 20th.

In other words, Rahm’s ability to influence the process is waning fast. This deal likely won’t be cut until he’s out of office.

I reached out to Lightfoot’s transition team this morning and haven’t yet heard back.

* But Chicago isn’t the only city pushing for a casino. Rockford and Danville, along with towns in the counties of Lake, Williamson and south suburban Cook all want licenses.

And then there’s the horse racing industry, which wants a slice of the gaming pie…

“Racing will only succeed in those areas where income through gaming coincides with commissions on horse racing,” said Mike Campbell, president of the Illinois Thoroughbred Horsemen’s Association, which represents the labor side of horse racing.

Such revenues could come from a measure proposed in last year’s gambling bill that would have allowed video gambling and table games at racetracks, turning them into racinos. […]

Tony Petrillo, president of Arlington Park, said he’d like to see lawmakers focus on passing sports betting legislation first, because trying to incorporate too many interests in a comprehensive gambling bill might leave racetracks with the same outcome as last year – nothing.

“While [sports betting] is not the answer to our overall problems, we feel it can reach and expand our customer base until those big gaming issues are worked out,” Petrillo said.

Clear as mud.