There have been some efforts to try and make Illinois the latest part of the United States to offer online gambling as a legal activity. It comes amid many other state putting in their specific efforts. However, the potential for Illinois to add its name to the list of places where it can take place in might be in question due to the general uncertainty surrounding what may happen. This comes amid the ongoing worries about the Illinois state government being fragile as it is already.
Two individual online gambling bills were introduced in Illinois but they have not been approved up just yet. Still, they are signs of how the state is putting in an honest effort to try and get into the online gaming field.
The first bill in question is SB 208, a bill in the state Senate. This is looking to get an amendment that would make online gambling fully legal within the state. It would entail a licensing fee of $10 million in value and a base tax rate on all gross revenue of 15 percent.
SB 1805 is the second of the bills being offered in Illinois. Also in the Senate, it has a mostly identical layout and entails many activities relating to gaming in general beyond just online functions. The potential for it to be revised is still rather strong.
Illinois is looking into the possibility of getting daily fantasy sports to become legal and fully regulated within the state. SB 1667 has been tossed around as something that relates to daily fantasy activities. It does not focus on any other functions relating to games of chance and as a result has been expected to be a little easier to debate and toss around as something that could possibly be passed in the future.
The possibilities which come with getting more money into the Land of Lincoln are substantial. The total revenues being promoted within the first five years of legality are listed at about $1.5 billion. This is a general estimate based on the approximate spending on numerous activities.
Tax revenues that would be taken in plus any fees that might come about are expected to be very high in value just as well. The general tax revenue is also anticipated as being relatively high in value, possibly at around $40 million as the five year comes about.
Also, a large tax prepayment would be made right away. This would be worth about $130 million. The companies that apply to be licensed to operate in Illinois would be responsible for paying off this general total.
The general process of trying to make online games of chance available in Illinois is important to look into over time. This could add a substantial amount of revenue to the state but it will be a necessity to look at how the state will put in an effort to try and get the money it wants out there.