sports betting tax imposed in Illinois set to launch on Tuesday
In a move that could impact sports betting enthusiasts in Illinois, DraftKings and FanDuel have announced the introduction of a new transaction fee on each mobile and online sports bet placed within the state. The fee, set at 50 cents per bet, will take effect on September 1, 2025, coinciding with the start of the NFL season.
The reason behind these fees is the recent increase in sports betting taxes in Illinois. The state has raised its tax rate for operators from 20% to 40%, and has also imposed a new tax of 25 cents per wager on the first 20 million bets placed annually at licensed sportsbooks, increasing to 50 cents per wager once that threshold is exceeded.
These new taxes have prompted DraftKings and FanDuel to offset the higher costs they face from the state by matching the per-bet tax with their own transaction fees. Both companies have expressed disappointment at the tax hikes, noting the potential impact on customer experience and the regulated market growth in Illinois.
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All online sportsbooks operating in Illinois will be required to pay a tax on each bet accepted, which could potentially lead to further changes in the industry. As the situation evolves, Michael Savio will continue to provide updates and insights to keep readers informed.
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