Illinois is gearing up for the Super Bowl LIV with the Kansas City Chiefs as a 1.5-point favorite over the Philadelphia Eagles. The over/under is set at 48.5. However, despite the football hype, the author prefers to focus on the Illinois sports betting market, which has been growing significantly in recent years.
The Illinois Gaming Board reported a total handle of more than $826 million in February 2024, with a total of nearly 24.5 million bets. PlayIllinois.com updates the cumulative totals, with over $36 billion wagered across all college and pro sports since March 2020, generating $460 million in tax revenue for the state.
Lawmakers in Illinois have implemented an adjusted gross revenue system for sports betting tax, with rates ranging from 20% to 40% based on revenue thresholds. This system has affected major industry players like DraftKings and FanDuel. Despite initial resistance, they have continued operating in the state.
Illinois has become a leader in sports betting revenue, consistently outpacing states like New Jersey. However, some neighboring states, like Wisconsin, have been slow to enter the market due to constitutional limitations on gambling.
The author views the growth of the sports betting market in Illinois with a critical eye, acknowledging the significant influence it has on state budgets. While he does not personally participate in sports betting, he recognizes the importance of staying informed about this rapidly expanding industry.
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