Illinois 2024 Wagering Update Reports Historic Tax Revenue
The Illinois Commission on Government Forecasting and Accountability has released a 2024 wagering update, providing insights into the state's gaming industry performance.
State tax revenues from wagering activities for the first 11 months of 2024 totaled $2.08 billion.
LISTEN TO THIS ARTICLE:The commission's update features sports betting performance data alongside an in-depth analysis of Illinois' gaming industry, covering casinos, video gaming, lottery, and horseracing.
According to the report, state tax revenues from wagering activities for the first 11 months of 2024 totaled $2.08 billion, up 4.8% from last year.
The commission attributes the significant increase in activity to ongoing implementations of the 2019 gaming expansion package and "subsequent trailer bills."
It further stated that the video gaming and sports wagering industries have driven notable increases, while upcoming projects, including three new Illinois casinos, including a 4,000-employee Chicago Casino, are expected to propel further growth.
Casino Perfomance Exceeds Pre-Pandemic Levels
The state's casinos generated $1.62 billion in Adjusted Gross Receipts (AGR) for FY2024, showcasing a 13.2% growth rate.
The commission states that the growth is largely due to the introduction of new casinos in Carterville and Chicago. According to the commission, with FY 2024 AGR growth, Illinois casinos have exceeded pre-pandemic performance, signaling a reversal of the decade-long decline in casino revenues.
The report observed a reduction in the average tax rate, from 27.3% in FY 2020 to 20% in FY 2024.
More Finance News
Illinois Hikes Tax Rate
It is worth noting that in May, Illinois approved a new tax wagering system that levies operators between 20% and 40%, depending on their AGR.
Since June 2021, when sports betting was launched in the state, Illinois operators have been subject to a 15% tax rate. However, with the new progressive tax system, operators with the highest adjusted gross revenue in the state will be taxed up to 40%.
This positions Illinois' tax rate as the second-highest in the US, behind New York's 51%.
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