Illinois faces strong debates over iGaming legalization
Illinois is debating the legalization of iGaming, a move that could potentially bring in $1 billion in annual tax revenue.Casinos, video gambling terminal (VGT)...
Sports Betting Alliance opposes the tax plan of Illinois
The Sports Betting Alliance has released a statement pushing efforts in Illinois to implement a progressive sports betting tax system.
The first rung of the tax ladder will be a 20% tax on adjusted gross revenue up to US$30 million. Operators with an AGR of more than $200 million will bear the biggest consequences, with a 40% tax rate.
The notion, being a component of House Bill 4951, which was approved by the Senate on Sunday, will now go to the state House for possible approval before being given to Governor JB Pritzker.
President of the Sports Betting Alliance Jeremy Kudon described the proposals as incredibly disappointing and stated that the decision will really hurt the industry. According to him, operators who have put millions of dollars into the state’s economy and generated jobs are unfairly penalized by the progressive tax structure.
Kudon stated:
“The tax hike will mean worse products, worse promotions and, inevitably, worse odds for Illinois customers – not to mention provide a massive leg up to dangerous, unregulated and illegal offshore sportsbooks who pay no taxes and adhere to none of Illinois’ sports betting regulations.
The tax hike doesn’t just threaten the legal, regulated sports betting market – it will have devastating effects for operators’ in-state partners, including the most vulnerable downstate casinos who rely on sports betting revenue to create jobs and invest in communities.”
Under the proposed plans, Illinois’ sports betting tax rate would rank second only to New York’s 51%.
bet365 to be officially launched in Illinois
The Illinois Gaming Board has officially welcomed the UK-based gaming company bet365 to the state's sports betting providers' list.Sports betting was legalized in...
