Illinois eyes 35% sports betting Tax Hike

Finance News

Gov. JB Pritzker called to more than double the Illinois sports betting tax rate to 35% as part of his $52.7 billion Fiscal Year 2025 budget presented to the public Wednesday.

Though Pritzker did not reference sports betting at any point during his speech to state legislators, a look at the FY 2025 budget released in conjunction with his address showed a projected tax revenue increase of $200 million at the 35% rate compared to the current 15% from FY2024, which began last July 1.

The state’s 15% tax rate does not include a 2% tax Cook County levies on revenue from wagers made within its limits. “Sports betting companies have seen exponential growth in recent years and are immensely profitable despite tax rates,” said a spokeswoman from the Governor’s Office in an e-mail to Sports Handle. “This increase will help fund Governor Pritzker’s commitment to supporting working families while putting us in line with rates from many other states.”