{"id":249,"date":"2024-06-26T01:55:12","date_gmt":"2024-06-25T22:55:12","guid":{"rendered":"https:\/\/duckyluck100medusanodepositbonus.icu\/2024\/06\/26\/illinois-raises-gaming-tax-rate-to-40\/"},"modified":"2024-06-26T01:55:12","modified_gmt":"2024-06-25T22:55:12","slug":"illinois-raises-gaming-tax-rate-to-40","status":"publish","type":"post","link":"https:\/\/duckyluck100medusanodepositbonus.icu\/2024\/06\/26\/illinois-raises-gaming-tax-rate-to-40\/","title":{"rendered":"Illinois Raises Gaming Tax Rate to 40%"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/0QkmYDHEYFA\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Illinois General Assembly has passed a measure to increase gaming taxes.<\/p>\n<p>The Illinois House of Representatives endorsed a progressive gambling tax rate measure in the early hours of Wednesday (May 29th). The most successful operators will be taxed at 40%, up from the current 15%.<\/p>\n<p>The Illinois legislature has sent a measure to increase gaming taxes to the governor&#8217;s desk.<\/p>\n<p>The Illinois 2025 fiscal year budget was approved by the Senate on Sunday (May 26th). This includes raising the tax rate for gaming operators from the current 15%. The current rate has been in effect since the state&#8217;s sports betting went live in June 2019.<\/p>\n<p>The House passed the budget on Wednesday by a vote of 60 to 47. Governor JB Pritzker, who initially sought a 35% tax rate, will now determine whether to sign the tax hike into law. If Pritzker approves, the rate will take effect on July 1st.<\/p>\n<p>The new tax rate will impose a 20% tax on adjusted gross revenue (AGR) up to $30 million (\u00a323.6 million\/\u20ac27.7 million), while operators with AGR between $30 million and $50 million will pay 25%. AGR between $50 million and $100 million will be subject to a 30% tax, while revenue up to $200 million will be taxed at 35%.<\/p>\n<p>The increase will hit Illinois&#8217; most prominent operators particularly hard, with a 40% tax on AGR exceeding $200 million. The 40% rate will be the second-highest in the US competitive market, behind only New York&#8217;s 51%.<\/p>\n<p>The tax increase was approved in the early hours of the morning. <\/p>\n<p>The tax hike was a challenging one, but it ultimately passed early this morning around 4:30 a.m. local time.<\/p>\n<p>Hannah Meisel, a journalist at the Statehouse, observed the vote and stated it was a back-and-forth struggle before the legislature finally reached an agreement.<\/p>\n<p>We require a video of the voting record because it was so close. Finally, on the third attempt, the Democrats secured 60 votes, with Larry Walsh (D-Elwood) being the deciding vote. <\/p>\n<p>Republican Rep. Patrick Windhorst remarked, &#8220;It&#8217;s evident to everyone in the state that this (Democratic) majority is prepared to do anything at 4:30 a.m. to impose a tax increase on the residents of Illinois.&#8221;<\/p>\n<p>Illinois businesses oppose it.<br \/>\nThe tax increase is a component of the state budget and, as one might anticipate, businesses are not pleased about it.<\/p>\n<p>The Sports Betting Alliance (SBA) represents Fanatics Sportsbook, FanDuel, DraftKings, and BetMGM. Following the passage of the FY 2025 budget, the SBA expressed concern about the tax increase&#8217;s impact on the state.<\/p>\n<p>&#8220;This tax increase not only harms the legal, regulated sports betting market, it will also negatively affect businesses in the state, particularly the smaller casinos downstate who rely on sports betting revenue to create jobs and invest in their communities,&#8221; SBA President Jeremy Kudon stated on X. <\/p>\n<p>While the Illinois lawmakers have not yet given their approval to a tax hike, the state&#8217;s prominent gambling companies are already experiencing the possible repercussions.<\/p>\n<p>DraftKings and Flutter Entertainment (the parent organization of FanDuel Group) witnessed a decline in their stock values earlier this week due to the proposed tax.<\/p>\n<p>On Tuesday, May 28th, Flutter&#8217;s share price dipped by 3.7% to $196.64 from its closing value at the end of the weekend, which was $204.11. Flutter&#8217;s stock concluded trading at $188.33 on Tuesday, representing a 7.7% drop from its weekend closing value.<\/p>\n<p>Concurrently, DraftKings&#8217; stock price plummeted by 12% to $35.88 from its weekend closing value of $40.75.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >The Illinois General Assembly has passed a measure to increase gaming taxes. The Illinois House of Representatives endorsed a progressive gambling tax rate measure in the early hours of Wednesday (May 29th). The most successful operators will be taxed at 40%, up from the current [&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 Gaming Tax Hike Headed to Governor<\/title>\n<meta name=\"description\" content=\"Illinois lawmakers approve a measure to increase gaming taxes, with the highest earners facing a 40% rate. 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