Illinois sports betting tax bill heads to governor’s desk
The state House and Senate have approved changes to the sports betting tax rate.
US.- Members of the Illinois House and Senate have approved changes to the state’s sports betting tax rate, which could more than double for certain operators. HB 4951, part of the Illinois budget package, now heads to Governor J.B. Pritzker’s desk for final approval.
The bill would change sports gambling tax, which is currently 15 per cent, to a new graduated format. The first $30m in AGR would be taxed at 20 per cent; the next $20m at 25 per cent; revenue from $50m to $100m would be taxed at 30 per cent; from $100m to $200m at 35 per cent and all revenue above $200m at 40 per cent. The top rate would be the second highest among US states with competitive markets after New York (51 per cent).
The Sports Betting Alliance believes the proposed measures “will cause real harm”. SBA president Jeremy Kudon said: “Rather than heeding the outcry from tens of thousands of residents who vocally opposed more than doubling sports betting taxes, the Illinois Senate advanced a budget tonight that would make Illinois sports betting tax the second highest in the country and counter-productively penalises sports betting operators who invested millions into the local economy and created jobs in the state.”
