Lawmakers in Illinois are reportedly considering changing the state’s gambling laws again. The proposed changes would increase taxes for sports betting and create a new tax for prediction market operators.
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Senate Bill 3019, signed into law by Governor JB Pritzker last month, would establish a transaction tax on prediction markets. For the first five million trades, a 1.75% tax would apply, rising to 3.5% thereafter. The bill would also increase the tax imposed on sports betting operators.
Since it was legalized in 2020, sports betting has become a major source of income for the state. More than $59 billion has been wagered, and $1 billion in tax has been collected.
