The world of online sports betting is witnessing significant changes, particularly in Illinois, where a proposed tax hike is causing a stir. Brendan Bussmann, a leading consultant in the gaming industry with B Global, has expressed concerns over this move. In a recent note to investors from Truist Securities, Bussmann warns that higher taxes could degrade the quality of online sports betting services in Illinois. He argues that this would not only mean poorer odds and fewer promotions for bettors but also stifle innovation within the industry. There’s an apprehension that this local tax increase could set a trend for other states to follow, potentially driving bettors toward offshore platforms where regulations are less stringent.
Illinois is the second state after Ohio to increase taxes on gambling, influenced by the anti-internet gambling stance of Ohio Governor Mike DeWine. Bussmann speculates that Massachusetts may be next.
Illinois is the second state after Ohio to increase taxes on gambling, influenced by the anti-internet gambling stance of Ohio Governor Mike DeWine. Bussmann speculates that Massachusetts may be next. While the Illinois government anticipates $200 million in additional revenue, Bussmann cautions that this benefit might come at the cost of pushing gamblers toward non-taxpaying offshore operators. Concerns are also growing among international investors about a “contagion factor” in states like New York, which have not yet embraced legalized iGaming but may adopt similar tax policies.
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