Alliance Voices Concern Over Hefty New Illinois Sports Betting Tax
Title: Illinois's New Online Sports Betting Tax: What Bettors Should Know
Image: Attribution: J. Crocker, via Wikimedia Commons
Essential Points
- Illinois has imposed a new tax of $0.25 per bet for the first 20 million wagers and $0.50 afterward on all online sportsbooks.
- The Small Business Administration (SBA) forewarns this tax change could negatively impact bettors the most.
- Last year, the state amended its tax system to a tiered one.
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Dig deeper into the topic:
- The new tax burden on operators could escalate their operational costs, potentially denting their profit margins and competitive edge [1] [2].
- Bettors might face altered odds/payouts or an increase in the bet price due to sportsbooks attempting to remain profitable [1] [4].
- The tax could foster a less diverse market, as smaller operators may find it challenging to absorb these costs, limiting the choices for bettors [1] [4].
- Critics fear the high tax could drive bettors towards illegal markets if the legal betting scene becomes unappealing due to increased costs [2] [4].
In essence, the new Illinois tax could impact bettors through changes in services and prices from sportsbooks. Stay informed with Michael Savio's expert analysis!
Michael Savio's analysis reveals that the new online sports betting tax in Illinois could lead to changes for bettors, as they might encounter altered odds/payouts or increased bet prices due to sportsbooks trying to stay profitable. Additionally, the high tax could potentially push bettors towards online casino platforms, such as those found in Las Vegas, or even illegal markets if the legal betting scene becomes unappealing due to increased costs.
