{"id":247,"date":"2024-06-25T21:45:27","date_gmt":"2024-06-25T18:45:27","guid":{"rendered":"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/"},"modified":"2024-06-25T21:45:27","modified_gmt":"2024-06-25T18:45:27","slug":"illinois-lawmakers-approve-gambling-tax-hike","status":"publish","type":"post","link":"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/","title":{"rendered":"Illinois Lawmakers Approve Gambling Tax Hike"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/PSi-MPnmPh0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>State representatives in Illinois have authorized a gradual increase in gambling tax rates. The most prosperous gambling establishments will face a 40% tax, a significant jump from the current 15%.<\/p>\n<p>Illinois state senators gave their approval to the budget for the upcoming fiscal year, which includes a hike in the tax rate for gambling businesses. The present rate, in effect since the state introduced sports betting in June 2019, will be raised.<\/p>\n<p>The House voted in favor of the budget on Wednesday, with a tally of 60 to 47. Governor JB Pritzker, who initially advocated for a 35% rate, will now determine whether to formally enact the tax increase. If Pritzker gives his assent, the new rate will take effect on July 1st.<\/p>\n<p>The revised rates will impose a 20% tax on adjusted gross revenue (AGR) up to $30 million, while operators with AGR between $30 million and $50 million will be subject to a 25% tax. AGR between $50 million and $100 million will require a 30% tax on their revenue, while revenue up to $200 million will be taxed at 35%.<\/p>\n<p>The increase will have a particularly substantial impact on Illinois&#8217; most prominent gambling operators, with a 40% tax rate levied on AGR exceeding $200 million. This 40% rate would be the second highest in the competitive US market, trailing only New York&#8217;s 51%.<\/p>\n<p>The tax rate increase was approved in the early morning hours. <\/p>\n<p>The tax hike was a close call, but it finally passed early this morning around 4:30 a.m. local time.<\/p>\n<p>Statehouse reporter Hannah Meisel observed the vote and stated it was a &#8220;back-and-forth&#8221; before the legislature finally reached an agreement.<\/p>\n<p>We require a video of the voting record, as there was considerable discussion. Ultimately, on the third attempt, Democrats secured 60 votes, with Larry Walsh (D-Elwood) being the deciding vote. <\/p>\n<p>Republican Representative Patrick Windhorst pointed to the time of the vote and remarked, &#8220;It&#8217;s clear to everyone in the state what this (Democratic) majority is willing to do at 4:30 a.m. to impose a tax increase on the people of Illinois.&#8221;<\/p>\n<p>Illinois businesses are opposed to it.<br \/>\nThe tax increase is part of the state budget and is expected to face strong opposition from businesses.<\/p>\n<p>The Sports Betting Alliance (SBA) represents FanDuel, DraftKings, and BetMGM. Over the weekend after the fiscal year 2025 budget was approved, the SBA cautioned about the potential impact of the tax increase on the state.<\/p>\n<p>&#8220;This tax increase not only harms the legal, regulated sports betting market, it will also harm businesses in the state, including the most vulnerable casinos in southern Illinois, who rely on sports betting revenue to create jobs and invest in communities,&#8221; SBA President Jeremy Kudon stated on X. <\/p>\n<p>While Illinois&#8217; lawmakers haven&#8217;t yet given the green light to the tax hike, the state&#8217;s leading gambling companies are already experiencing the consequences.<\/p>\n<p>DraftKings and Flutter Entertainment (the parent company of FanDuel Group) witnessed their share values decline earlier this week following the unveiling of the tax proposal.<\/p>\n<p>Flutter&#8217;s stock price began trading on Tuesday (May 28th) at $196.64, a 3.7% decrease from its weekend closing price of $204.11. Flutter&#8217;s stock price finished trading on Tuesday at $188.33, a 7.7% drop from its weekend closing price.<\/p>\n<p>In the meantime, DraftKings&#8217; stock price plummeted by 12% from its weekend closing price of $40.75, reaching $35.88.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >State representatives in Illinois have authorized a gradual increase in gambling tax rates. The most prosperous gambling establishments will face a 40% tax, a significant jump from the current 15%. Illinois state senators gave their approval to the budget for the upcoming fiscal year, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Illinois Casinos Face Big Tax Hike<\/title>\n<meta name=\"description\" content=\"Illinois lawmakers approve a budget that includes a significant increase in gambling taxes, impacting casinos and sports betting businesses.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Illinois Lawmakers Approve Gambling Tax Hike\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Illinois lawmakers approve a budget that includes a significant increase in gambling taxes, impacting casinos and sports betting businesses.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Excitement of Licensed Online Casino Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T18:45:27+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/\",\"url\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/\",\"name\":\"Illinois Casinos Face Big Tax Hike\",\"isPartOf\":{\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/#website\"},\"datePublished\":\"2024-06-25T18:45:27+00:00\",\"dateModified\":\"2024-06-25T18:45:27+00:00\",\"author\":{\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Illinois lawmakers approve a budget that includes a significant increase in gambling taxes, impacting casinos and sports betting businesses.\",\"breadcrumb\":{\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/25\/illinois-lawmakers-approve-gambling-tax-hike\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Illinois Lawmakers Approve Gambling Tax Hike\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/#website\",\"url\":\"https:\/\/75nodepositbonuscodesunriseslots.icu\/\",\"name\":\"Discover the Excitement of Licensed Online Casino Gaming\",\"description\":\"Immerse yourself in the dynamic world of online gambling through our comprehensive news, detailed game reviews, and informative insights. 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