Illinois Democrats propose increasing sports wagering and video gambling taxes, anticipating $200m and $35m revenue respectively.
Illinois Democrats aim to increase revenue by taxing sports wagering and video gambling, with sportsbooks seeing their tax rate rise from a flat 15% to a graduated structure from 20% to 40% based on annual revenues. This is expected to generate $200m for the state's General Revenue Fund, alongside a 1% tax increase on video gambling, projected to bring in $35m next year. Critics argue that increased taxes could negatively impact the state's sports betting market.
June 04, 2024
8 Articles