Sports Betting Alliance Warns Illinois Bettors About Betting Tax Increase
Proposed Tax Increase in Illinois Threatens to Diminish Sports Betting Experience
Absurd Taxes 💰
The Sports Betting Alliance, comprising major players like BetMGM, DraftKings, FanDuel, and Fanatics Sportsbook, has raised concerns about Illinois’ proposed sports betting tax hike. The betting news mentions that Governor J.B. Pritzker‘s budget proposal suggests raising the tax rate from 15% to 35%, aiming to generate an additional $200 million in annual revenue. However, this move could hurt both operators and bettors alike.
Potential Consequences for Bettors
If the tax goes up, sports betting companies in Illinois might not be able to offer as many promotions or keep their odds as sharp. This means you might not get as many free bets or bonuses. It might result to be harder to win your wagers. This could drive residents towards illegal offshore operators or even push them to seek online gambling options outside the state.
The Sports Betting Alliance is fighting hard against this tax hike. Their rep, Nathan Click, says they’ve sent over 35,000 emails to try and stop it! If it happens, Illinois would be one of the highest-taxed states for sports betting, just behind New York!
Since 2019, legal sports betting has created thousands of jobs in Illinois and generated hundreds of millions of dollars in revenue to fund education and infrastructure projects across the state.
A 133% tax hike would drive businesses out & revenue down. https://t.co/XhPkO5MhWN pic.twitter.com/1eILd8mnSn
— Sports Betting Alliance (@SBAllianceUS) May 14, 2024
Industry Response and Proposed Solutions
Click argues that this tax increase is a bad deal for everyone. Currently, they’re accustomed to paying a 15% tax, but this new proposal is nearly triple that! Consequently, if it passes, companies won’t have enough money to upgrade their apps, ensure safe gambling practices, or even provide good customer service.
Furthermore, Click suggested that instead of raising taxes on sports bets, they should let people betting online on other stuff (like casino games). That way, the state gets more money without hurting sports betting companies. But the big worry is that if the tax goes up, some betting companies might leave Illinois altogether. That would be bad for everyone – people who like to bet and the state’s economy too!
Author: Sin City Sniper
Author: Sin City SniperBusting bookmakers and taking their money is his greatest joy in life. He’s been around the block more than once, knows the players both on and off the field of battle, and uses his experience to serve the bookies a heaping plate of humble pie washed down by a warm glass of their salty tears. You can find him in any number of Vegas books, sniping weak lines and getting paid to do it.
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