Illinois tax revenue from gambling surged last year. Here's how much
Illinois collected a record $2.7 billion in gambling-related tax revenue last year, a 19.2% increase from the previous year.Summary
Illinois bettors lost more money than ever last year, and the state collected a record $2.7 billion in gambling-related revenue, a 19.2% increase from the previous year and a 90% increase from fiscal year 2019, according to a report from the Commission on Government Forecasting and Accountability. Video gambling machines surpassed the Illinois Lottery as the largest-grossing source of wagering revenue for the second year in a row, bringing in over $1 billion in state and local taxes, while lottery revenues stayed flat at $788 million. Sports wagering remains the fastest-growing source, with more than $15 billion wagered and $593 million in state taxes, driven by parlay bets that accounted for three in five bets and nearly 62% of all betting losses. Casino receipts grew 13%, but the growth was largely due to new casinos opening rather than better performance, with the number of casinos rising from 10 to 17 since the 2019 expansion. The state is nearing 50,000 video gambling terminals, and Chicago recently lifted its ban on them, which is expected to have a huge impact. The report also addressed unregulated prediction markets like Polymarket and Kalshi, which won a preliminary injunction against Illinois' attempt to regulate them.
(Source：Peoria Journal Star)