New Illinois Sports Betting Tax Rate Goes Into Effect on July 1

Jun 7, 2024 · Gov. J.B. Pritzker (D) signed the Illinois FY 2025 budget into law this week, which includes a new progressive tax rate for licensed state sportsbooks. Pritzker signed the $53.1 billion spending plan into law, much to the chagrin of Illinois sports betting operators. The state …

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New Illinois Sports Betting Tax Rate Goes Into Effect On July 1

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Illinois Sportsbooks Pot $71.3 Million For July As New Tax Rates …

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Sep 13, 2024 · The Illinois Gaming Board reported $71.3 million in adjusted gross sports betting revenue for July on Thursday, the first month the state's new progressive tax rates took effect.. …

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Illinois Progressive Sports Betting Tax Signed Into Law

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Jun 6, 2024 · A new “progressive tax” will go into law July 1. In February, Pritzker suggested raising the current 15% flat tax rate to 35% for Illinois sports betting sites. His goal was to …

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Illinois' Graduated Sports Betting Tax Rate Takes Effect

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Jul 2, 2024 · Sports betting companies are now operating under a new tax burden in Illinois. Beginning July 1, the state tax on online sportsbook revenue was raised from a flat 15% rate …

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Illinois Gov. Signs New Sports Betting Tax Rates Into Budget

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Jun 6, 2024 · A progressive sports betting tax hike in Illinois that has sparked controversy in the industry is set to begin July 1. Gov. J.B. Pritzker signed off on a $53.1 million 2025 state …

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Illinois Gov. Pritzker Seeks To Raise Sports Betting Tax To 35%

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Feb 22, 2024 · If enacted, the higher tax would take effect July 1, the start of the new fiscal year. Pritzker, who legalized sports betting in Illinois in 2019 as part of a massive gaming expansion …

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How Illinois’ Tax Changes Affect Major Sportsbooks - Wagers.com

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May 29, 2024 · The new rates will range from 20% to 40%, depending on the volume of bets placed. This change is part of the state’s fiscal 2025 budget, which will take effect on July 1. …

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Illinois Eyeing Sports Wagering Tax Up To 40% - Forbes

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May 28, 2024 · The new Illinois gross sports wagering receipts tax will have a graduated rate structure, with a minimum rate of 20% for businesses with sports wagering receipts between …

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Illinois Sets New Records For Monthly Sports Betting Handle, …

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1 day ago · Sports betting records continued to fall in Illinois in late 2024. The Illinois Gaming Board reported a November handle of $1.53 billion, the most ever wagered for the second …

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Sports Betting Tax Revenue: States, Sportsbooks, And Consumers

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Dec 10, 2024 · Key Findings. Legal sports betting in the U.S. hit an all-time high in 2023 at more than $100 billion wagered. States collected more than $1.8 billion in taxA tax is a mandatory …

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FAQs about New Illinois Sports Betting Tax Rate Goes Into Effect on July 1 Coupon?

Will Illinois double sports betting tax?

(ADDS INFORMATION, SBA STATEMENT) Gov. JB Pritzker called to more than double the Illinois sports betting tax rate to 35% as part of his $52.7 billion Fiscal Year 2025 budget presented to the public Wednesday. ...

What is the new Illinois sports wagering receipts tax?

The new Illinois gross sports wagering receipts tax will have a graduated rate structure, with a minimum rate of 20% for businesses with sports wagering receipts between $30 million and $50 million and a maximum rate of 40% for businesses with receipts in excess of $200 million. ...

Will Illinois impose a tiered tax on sports betting?

Illinois is setting a precedent with its new structure, positioning itself as a model for other states considering the legalization and taxation route for sports betting. By implementing a tiered tax system, the state will inject a degree of progressivity into the regime. ...

Are sports betting taxes too high?

Exorbitant tax rates set by certain states threaten to make sports betting an outlier among American industries, facing an excessively large tax burden. Tax treatment of promotional wagers and free bets is one of the biggest issues surrounding sports wagering taxes. ...

How much is online sports betting tax?

Figure 1 shows the distribution of online sports betting tax rates across U.S. states. New Hampshire, New York, and Rhode Island apply the highest tax rate to sportsbooks at 51 percent. However, these statutory rates don’t tell the entire story. ...

Does Illinois have a progressive rate structure for sports wagering?

The Illinois General Assembly has passed an amendment to a bill which, if made law, will apply a progressive rate structure to a gross receipts tax on sports wagering. ...