Sports Betting Illinois Tax. Illinois’ approach to sports betting is a bit perplexing. Is sports betting online in illinois legal?
This puts sports betting operators in illinois at a distinct disadvantage. When it comes to sports betting and taxes, many people are left in the dark. Since the supreme court’s 2018 decision in murphy v.national collegiate athletic association overturned the federal ban on sports betting, several states have legalized betting and introduced excise taxes on the revenues.
Public comments on sports betting that were received and published last week by the regulatory agency indicated illinois casinos, racetracks and average joe bettors are eager to get the action.
2020 will go down as one of the worst financial fiascos in modern history. Tom swoik of the illinois casino gaming association, representing nine of the 10 riverboat casinos in the state, pointed out that iowa recently passed sports betting legislation with a 7.5 percent tax rate and indiana with a 9.5 percent tax, along with licensing fees that topped out at. The tax rate is too high. Illinois lawmakers initially proposed a 20 percent tax rate, so bumping it down to 15 percent was welcome by potential operators, though it’s still on the high side of what operators view as acceptable.