Illinois sports betting enthusiasts may soon be facing higher taxes after a new bill was recently passed in the state legislature. The bill, which aims to increase the tax rate for sports betting operators, has sparked controversy among industry stakeholders.
The tax hike, which was part of a larger gambling expansion bill, raises the tax rate for sports betting operators from 15% to 17%. Proponents of the bill argue that the additional revenue generated from the tax increase will benefit the state and help fund important programs and initiatives.
However, opponents of the tax hike argue that it will make it more difficult for sports betting operators to compete with neighboring states and could potentially drive customers away. They also point out that the tax increase comes at a time when the industry is still recovering from the impact of the COVID-19 pandemic.
Despite the controversy, the bill ultimately passed in the state legislature, and Illinois Governor J.B. Pritzker is expected to sign it into law. Once the bill is signed, sports betting operators in Illinois will be required to comply with the new tax rate.
Industry experts are divided on the potential impact of the tax hike, with some predicting that it will lead to a decrease in revenue for sports betting operators, while others believe that the industry will be able to adapt and continue to grow.
Overall, the passing of the tax hike bill in Illinois has stirred up debate among sports betting stakeholders, with both supporters and opponents voicing their opinions on the potential impact of the tax increase. Only time will tell how the industry will respond to the new tax rate and whether it will have a significant impact on sports betting in the state.
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