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Illinois sports betting tax bill goes to governor

The state House of Representatives and Senate have approved changes to the sports betting tax rate.

USA.- Members of the Illinois House of Representatives and Senate have approved changes to the state’s sports betting tax rate that could more than double for certain operators. HB4951Part of Illinois’ budget package, now goes to Governor JB Pritzkeron the desk for final approval.

The bill would change the sports betting tax, currently 15 percent, to a new tiered format. The first $30 million in AGR would be taxed at 20 percent; the next $20 million at 25 percent; revenues of $50 to $100 million would be taxed at 30 percent; $100 to $200 million at 35 percent, and all revenues over $200 million at 40 percent. The top tax rate would be the second highest among U.S. states with competitive markets to New York (51 percent).

The Sports Betting Alliance believes that the proposed measures “will cause real harm.” SBA President Jeremy Kudon said: “Instead of heeding the outcry of tens of thousands of citizens who have vocally opposed doubling the sports betting tax, the Illinois Senate tonight introduced a budget bill that would make Illinois' sports betting tax the second highest in the country and counterproductively penalize sports betting operators who have invested millions in the local economy and created jobs in the state.”

Anna Harden

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