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Report
Illinois Eyes Online Casino Gaming to Boost State Revenue
SportsGrid
Follow
1/3/2025
Category
🥇
Sports
Transcript
Display full video transcript
00:00
All right, online casino gaming, let's get into it here.
00:03
I know that Illinois is a very big state for sports wagering, one of the top five in the
00:06
country.
00:07
I would guess, Sam, that anything moving forward in that realm would push them maybe even a
00:12
little bit higher.
00:13
But I don't know, would it really count?
00:14
It would count toward betting, I guess, it wouldn't count towards sports betting.
00:17
Yeah, Illinois is one of the biggest states in the country.
00:21
It has a huge population and it's done a tremendous job with the dollars bet, but it's expecting
00:27
a $3 billion shortfall in its budget this year.
00:31
So now lawmakers are kind of scrambling to see, hey, how can we fix that?
00:35
How can we generate more tax revenue for the state?
00:38
And Governor J.B. Pritzker, as he gets ready to propose his budget, it's being reported
00:42
that he's open to legalizing online casino because of the tax revenue it might generate.
00:48
So Illinois has generated half a billion dollars in taxes just from sports betting in a few
00:53
years.
00:54
And it actually made headlines last year when it decided to up the tax rate that it
00:59
charges on operators.
01:00
You had some sportsbooks like DraftKings respond, saying we're going to end up passing that
01:05
tax down to bettors.
01:06
That obviously didn't end up happening, but they've played around with this idea of getting
01:10
more revenue for the state by increasing taxes.
01:13
And sports betting is by no means this budget savior, but iGaming is a much higher margin
01:18
business.
01:20
The bill that was just filed is projected to raise about $800 million a year, and you
01:25
compare that with only $200 million that Illinois got from sports betting this year, while it's
01:29
still one of the biggest states.
01:30
So it would be a much bigger windfall for the budget than sports betting.
01:36
Illinois would be the eighth state to have iGaming, joining those like New Jersey and
01:40
Pennsylvania.
01:41
So that would be just huge for the sports betting operators that are really clamoring
01:44
to get iGaming moving and have really been kind of frustrated with the lack of momentum
01:49
on that front.
01:50
And if you have a big state like Illinois leading the way, that's much more significant
01:54
to kind of ushering the other big states and saying, hey, here's how much revenue they
01:58
took.
01:59
Maybe we could benefit from it as well.
02:00
So it'll definitely be one we're watching this year, especially as the budget process
02:04
develops.
02:05
Illinois would be a huge, huge win for the iGaming industry.
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