The sports betting industry is trying to intercept another possible tax hike in Illinois.
At the end of August, the Chicago Financial Future Task Force, launched by Mayor Brandon Johnson to assist with a forecasted $1.1-billion deficit, recommended the Illinois metropolis consider a 50-cent tax on all online sports wagers placed within its borders.
This could, the task force estimated, generate an additional $17 million in annual revenue for cash-strapped Chicago.
“Currently, the City taxes sports wagering at physical sports wagering facilities where only 2% of all sport betting occurs,” the task force said in its interim report. “The remaining 98% of sport betting occurs online and remains untaxed.”
