price of $10 million<\/a>.<\/p>\n<\/div>\nWhile that fee is steep \u2013 only matched in Pennsylvania’s heavily taxed gaming industry \u2013 operators such as Penn National and Eldorado receive 18 months of exclusivity from non-land based sports betting companies such as DraftKings and FanDuel.<\/p>\n
Grand Projections<\/b><\/h2>\n
Gross gaming revenue from sports will be taxed at 25 percent. Illinois lawmakers believe sports betting will be a massive financial success for the state’s coffers.<\/p>\n
Las Vegas-based Global Market Advisors, a casino consulting firm, projects that annual handle could hit as high as $5.2 billion in Illinois by 2023. That would put the state in the realm of Nevada and New Jersey.<\/p>\n
States opting into sports betting must assure their tax and licensing structures don’t put regulated sportsbooks at too much of a competitive disadvantage with offshore companies.<\/strong><\/p>\n“They (offshore bookies) are able to price their products at a very attractive level,” Drake University gaming law professor Keith Miller said. “It really presents a challenge when you have as many taxes, license fees, integrity fees … to have sports books operators in Illinois be able to make money.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Illinois sports betting will be up and running in time for the March Madness college basketball tournament, said Governor J.B. Pritzker (D). The Illinois Gaming Board (IGB) issued the first three sports betting licenses late last month. The recipients were Penn National Gaming, Eldorado Resorts, and Midwest Gaming and Entertainment. Sports betting, both land-based and […]<\/p>\n","protected":false},"author":25,"featured_media":127185,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13592,1074],"tags":[],"acf":[],"yoast_head":"\n
Illinois Sports Betting Operational by March Madness Tournament<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n