Show Me The Money: Senate Bill Wants To Know How Much Revenue Online Casinos Would Bring
State Sen. Cristina Castro (pictured above) is the sponsor of the resolution. The synopsis reads:
If Illinois had legalized online gambling starting on February 28, 2020, the Commission on Government Forecasting and Accountability is urged to submit estimates of the revenue that could have been made through a privilege tax to the Illinois Senate. & rdquo,
The document must be submitted by October 1, 2021, according to the costs. That time probably tells us anything bad about what will happen to online casinos this session based on the tea leaves.
With that said, it’s probably good news for the long-term future of online casinos in Illinois, as there is clear interest among several members of the legislature.
The COVID-19 pandemic has impacted brick-and-mortar casinos in Illinois, hence why the report states Feb. 28, 2020, as a key date.
Another important passage from the resolution is Here & rsquo:
Online gaming is part immune to pandemics due to the isolated nature of this type of gaming, which made some Illinoisans afraid of leaving their homes for unnecessary activities and forced many casinos to close their doors for the safety of their patrons and employees. & rdquo,
The report also seeks information on the impact of particular luxury tax rates on income. It requests estimates for a range of privilege tax rates, from 12 % to 16 %.
In the Illinois House and Senate, there are costs for online casinos.
There are online entertainment expenses in the Illinois House and Senate, but time is running out for this legislative session.
It also allows for online poker in Illinois, with a maximum of 36 skins. There would be a six-month in-person registration requirement for online casino betting, though it appears cleaner than it is in the Sports Wagering Act.
What might the document reveal?
If you look around the country, it’s hard to ignore some of the online casino numbers the other states are obtaining.
Take Michigan, for instance. In April, MI operators profited$94.9 million, resulting in $23 million in state and local tax revenue.
In Michigan, online casinos have only been permitted for a short period of time, and the business is still developing.
If you compare those numbers to Illinois sports betting revenues, well, it is no comparison.
IL had its most successful sports betting month in March, setting all time-records in handle, operator revenue and tax revenue. Only New Jersey and Nevada registered higher handles in March.
And yet, in its most successful month ever, Illinois sports betting produced a little more than $7 million in state and local tax revenue.
Yes, the sports gambling in Illinois. industry is more prosperous than the sports betting industry in Michigan.
Therefore, it is reasonable to assume that the Land of Lincoln would be operating yet higher virtual blackjack numbers than its Midwest equivalent without an in-person registration requirement.