Illinois' general assembly made a money grab earlier this week, but gambling stakeholders say it could backfire. Lawmakers sent a FY2025 budget that includes a progressive tax rate topping out at 40% to Governor JB Pritzker.
On the face of it, raising the sports betting tax rate seems like a good way for any state to bring in more revenue. But stakeholders say Illinois consumers will likely be the recipients of unintended consequences. During the house budget debate, one Republican representative suggested an appropriations line for funds to treat the Democrats’ unchecked “spending addiction”.
The budget bill is now headed to Pritzker’s desk and it seems like a slam dunk that he will sign it. That, stakeholders say, will seal the fate of Illinois bettors.
“Players are probably going to see fewer promotions and that is not good for the consumer,” West Virginia lawmaker and government affairs chief for Play ‘n Go Shawn Fluharty told iGB. “It could impact the lines and that is ano..
