Illinois is joining the likes of Pennsylvania, Michigan, and West Virginia as states considering legalized online casino-style gaming to make up for diminished tax revenues due to budget constraints caused by the coronavirus pandemic.
While it remains to be seen whether this step is taken, many states are feeling pressure to raise new funds without raising taxes so they can continue easing their citizens into what is sure to be a lengthy recovery. Should the casinos be allowed online in Illinois, they will likely bring a hefty sum of tax dollars with them to help fill state coffers. Time will tell if this proves to be an effective strategy and if one resident is comfortable with it.
Online Sports Betting In Illinois
Since its implementation in March 2020, online sports betting in Illinois has become an incredible success. According to recent statistics, it is now one of the top sports betting markets in the United States due to its profitable nature.
This source of income has been highly beneficial for the state; reports have indicated that Illinois has seen a massive surge in revenue from this activity and is simply riding the wave of success. As the demand for online gambling continues to rise nationwide, Illinois looks to remain at the forefront of this industry for many years to come.
Illinois Could Be The Next State To Legalize Online Casinos In 2023
Heather Fletcher, a researcher, has identified Illinois as one of the top five states to be on the lookout for in 2023 regarding the potential legalization of online casinos.
“Specifically for Illinois, once the market is mature it could mean $240 million, and that is if it’s taxed the same rate as sports,” Fletcher said.
Fletcher notes that according to a VIXIO survey if all 42 states with legal online sports betting or retail casinos include iGaming markets, it could result in the U.S.’s $30 billion annual market growth – and potentially yield up to $6.5 billion in state taxes alone! This would come by applying a 20% rate for taxation on new iGaming sites across these States.
Michigan launched online casinos, poker, and sports betting in January 2021. During the first nine months, the state saw gross gaming revenues of $1.1 billion. The move generated $26 million in taxes for state coffers.
