Illinois: betting tax hike vs. iGaming revenue

Illinois: betting tax hike vs. iGaming revenue

Added:
Illinois: betting tax hike vs. iGaming revenue

Illinois Governor J.B. Pritzker is considering raising the state’s sports betting tax from 15% to 35%. This idea isn’t going over well with the gaming industry.

The Campaign for Fairer Gambling (CFG), a group dedicated to changing betting procedures, is disputing the Sports Betting Alliance‘s (SBA) arguments. The SBA, backed by huge companies like BetMGM and DraftKings, opposes the tax increase. They say that this rise will result in lower odds for gamblers, while CFG argues by pointing to that states with similar high tax rates, such as New York, have not seen the bad results predicted by the SBA.

CFG further accuses the SBA of deceiving individuals into signing a petition opposing the tax increase, implying that the signatures were not obtained honestly.

To add another layer, some gambling companies propose that instead of raising the sports betting tax, Illinois should legalize online casinos. They claim that this can increase income while minimizing the impact on current casinos. A research projected that allowing online casinos might generate $750 million in additional income for Illinois.

All of this is taking place while Illinois is experiencing a budget deficit. Governor Pritzker’s most recent budget proposal demonstrates his efforts to handle a rising financial shortage by proposing a large increase in overall spending over the previous four years. The state is attempting to balance these budgetary issues while also preparing for future necessities, such as a “rainy day” fund.

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