New Online Casino Bill Proposed for Illinois
It is understood that online casinos could be coming to the state of Illinois following another attempt that would see a bill approved.
Latest reports indicate that there is much optimism and also tentative support for this to be passed after the recent online sports betting legislation gained significant momentum over the last few months.
While this has garnered much support over recent months, it remains to be seen just how much it could genuinely influence the end result.
Approval Comes at a Price
Despite reportedly considerable support for the legalization of online casinos in Illinois, this would not be without substantial compensation.
It is understood that any potential license fee would be in the region of $250,000, with this taxed at 15 percent per year - not the steepest in the US, though still enough to have a potentially positive impact on the economy.
Meanwhile, a renewal fee would see operators pay a further $100,000 to the state, though these figures pale in comparison to what online sportsbooks are currently charged in Illinois.
These currently stand at a minimum fee of a staggering $5 million, with each online operator needing to have a land-based partner. With three online untethered licenses available in the state, these come at a cost - a cool $20 million, while it is $10 million to run a retail facility.
By not legalizing online casinos, it was estimated by state authorities last year that Illinois could be losing out on $105 million in potential tax revenue every year, which would make a considerable difference.
Governor JB Pritzker recently indicated that his priorities were to decrease the considerable pension debt that stands at $140 billion, increase funding for childcare, provide a free in-state college education for poor families, attract big employers to the state and become fiscally responsible.
Certainly, tax revenue that online casinos would bring could help to tick these boxes, especially if more jobs are provided by a flagship gambling operator.
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