Illinois senate approves sports betting tax increase, SBC Americas reports

Illinois senators have approved the 2025 budget, which includes an increase in the state’s sports betting tax and the introduction of a progressive tax rate for operators based on their revenue, Tom Nightingale of SBC Americas reported. The Illinois Senate passed a budget version incorporating a progressive wagering tax increase, imposing a 40% rate on operators with the highest adjusted gross revenue. House Bill 4951 would nearly triple the tax rate for the most successful sportsbooks in the state, making Illinois’ maximum tax rate the second-highest in the country, trailing only New York’s 51%. Publicly traded companies in the space include Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (FLUT), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Sportradar (SRAD) and Wynn Resorts (WYNN).