{"id":1583259,"date":"2024-06-06T08:43:55","date_gmt":"2024-06-06T12:43:55","guid":{"rendered":"https:\/\/sports7.us\/?p=1583259"},"modified":"2024-06-06T08:43:55","modified_gmt":"2024-06-06T12:43:55","slug":"illinois-gov-has-signed-a-new-progressive-sports-betting-tax-rate-into-law","status":"publish","type":"post","link":"https:\/\/sports7.us\/news\/illinois-gov-has-signed-a-new-progressive-sports-betting-tax-rate-into-law\/","title":{"rendered":"Illinois Gov. has signed a new progressive sports betting tax rate into law"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On Wednesday, Illinois Governor JB Pritzker signed a bill to establish a new progressive sports betting tax rate in the state. He signed the $53.1 billion budget package for the 2025 fiscal year. These brand-new tax rates will go into effect starting July 1. About a week ago, HB 4951 was passed during an all-night legislative session. The House of Representatives voted in favor of concurrence for five Senate amendments after the bill was passed in the upper chamber.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In February, JB Pritzker proposed a tax rate increase from 15% to 35%. More than double what it had been. He estimated that the increased tax on gaming operators in Illinois could help bring the state $200 million in revenue. His original proposal was tweaked to a progressive sports betting tax. It is the first of its kind in any legal sports betting state. Arkansas has a progressive tax for its gaming revenue, but it doesn\u2019t include sports betting. Illinois is the 11th state to have any portion of sports betting revenue taxed at 20% or higher. Governor Pritzker had this to say.<\/span><\/p>\n<blockquote><p><em>&#8220;<span style=\"font-weight: 400\">The FY25 budget is another demonstration of the fiscal responsibility that has guided me from Day 1 of my administration,\u201d said Pritzker. \u201cThis budget is balanced, pro-family, cuts taxes on workers, and opens up doors of opportunity for employers and employees alike. I\u2019m proud to sign it today and look forward to working together to bring these investments to life in a healthier, more prosperous Illinois.\u201d<\/span><\/em><\/p><\/blockquote>\n<h2><b>What will the new progressive tax rate on sports betting look like in Illinois? <\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to figures from Illinois\u2019 most recent 12-month period, only FanDuel and DraftKings generated enough revenue to be taxed at the highest rate, 40%. That\u2019s because each operator surpassed $200 million in revenue. For most operators, they will not be taxed at the highest rate. FanDuel and DraftKings are outliers in the market who never seem to have a lul. They\u2019re two of the top sports betting operators in the country for a reason.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While a 40% tax rate is the highest, the lowest in Illinois\u2019 new progressive sports betting tax is 20%. That\u2019s for the first $30 million in revenue. The next $20 million in revenue will be taxed at 25%. Operators that bring in $50 million to $100 million in revenue will be taxed at 30%. Anything from $100 million to $200 will be taxed at 35%. As stated earlier, over $200 million in revenue will be taxed at the highest 40% rate.\u00a0 Only New York has a higher tax rate for sports betting at a whopping 51%. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, Illinois Governor JB Pritzker signed a bill to establish a new progressive sports betting tax rate in the state. He signed the $53.1 billion budget package for the 2025 fiscal year. These brand-new tax rates will go into effect starting July 1. About a week ago, HB 4951 was passed during an all-night [&hellip;]<\/p>\n","protected":false},"author":304,"featured_media":1583260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[447316],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Illinois Gov. has signed a new progressive sports betting tax<\/title>\n<meta name=\"description\" content=\"Governor JB Pritzker signed a bill to establish a new progressive sports betting tax rate in Illinois, effective July 1.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sports7.us\/news\/illinois-gov-has-signed-a-new-progressive-sports-betting-tax-rate-into-law\/\" \/>\n<meta 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