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Illinois Lawmaker Proposes Progressive Tax Rate For Sports Betting

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2024-05-25

Illinois Lawmaker Proposes Progressive Tax Rate For Sports Betting

An Illinois lawmaker has proposed a progressive sports betting tax rate as an alternative to Gov. JB Pritzker’s proposed increase to 35% for the upcoming fiscal year beginning July 1.

The minimum tax rate as part of HB 4951 is 20%, an increase from the current 15% rate at all levels of operator adjusted gross revenue. The threshold increases to 25% at $30 million in adjusted gross revenue; 30% over $50 million; 35% over $100 million; and 40% over $200 million.

Of the eight mobile sports betting operators currently in Illinois, only FanDuel ($429.3 million) and DraftKings ($350 million) would reach that maximum 40% threshold based on their last 12 months of winnings.

BetRivers ($81.1 million) and Fanatics Sportsbook ($51.7 million) are the only other operators that would cross into the 30% threshold, but ESPN BET likely would reach that benchmark as well in a full 12-month span.

Pritzker originally called for a 35% tax rate on operator sports betting winnings in February as part of his $52.7 billion budget unveiled in February, with the increase estimated to provide an additional $200 million in tax revenue.

Sports betting in Illinois generated $1.03 billion in AGR in the 2023 calendar year, resulting in $151.4 million in state taxes.




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