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Illinois Approves Steep Per-Bet Tax on Online Sports Betting

Gov. J.B. Pritzker has pledged to sign the budget, estimated to raise more than $36 million annually for Illinois.

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Overview

  • The tax charges 25 cents per online wager for the first 20 million bets and 50 cents on each additional wager starting July 1.
  • Illinois officials anticipate annual revenue of over $36 million from the per-bet levy.
  • Shares of DraftKings fell more than 7% and FanDuel parent Flutter Entertainment also declined following the legislature’s vote.
  • The Sports Betting Alliance labeled the tax a “crippling” measure and plans to challenge the provision.
  • Analysts warn the rate will rank among the nation’s highest and could influence other states to adopt similar levies.