Illinois implements new sports betting tax

Illinois implements new sports betting tax

Adjusted gross sports betting revenue is now taxed at a progressive rate.

US.- The state of Illinois has implemented its new tax rate for licensed sportsbook operators. Introduced in HB 4951, the new rate is progressive based on adjusted gross revenues. Retail and online revenue are taxed separately.

The first $30m are taxed at 20 per cent; the next $20m at 25 per cent; $50m to $100m at 30 per cent; $100m to $200m at 35 per cent and all revenue above $200m at 40 per cent. The top rate is the second highest among US states with competitive markets after New York (51 per cent). The bill passed despite opposition from the Sports Betting Alliance, which represents mobile operators FanDuel, DraftKings, BetMGM, and Fanatics Sportsbook.

Illinois Gaming Board renews seven retail sports betting licences

The Illinois Gaming Board has renewed seven retail sports betting licences, the first renewals since operators began taking wagers in March 2020. Illinois Gaming board administrator Marcus Fruchter granted four-year licence renewals through June 2028 to Argosy Casino Alton, DraftKings at Casino Queen in East St. Louis, Grand Victoria Casino in Elgin, Hollywood Casino Aurora, Hollywood Casino Joliet, Rivers Casino in Des Plaines, and Par-A-Dice Hotel Casino in East Peoria.

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