Killing the Gambling Goose
Works out to a 133% increase - that's perfectly sane!
As bets roll in on another season of March Madness, Gov. J.B. Pritzker is aiming to bust the tax bracket for Illinois sportsbooks and net the state a bigger piece of the action from a still-booming billion-dollar sports wagering market entering its fifth year.
Casino sportsbooks across Illinois have paid a 15% tax on their revenue after paying out winners since legal betting launched in 2020, but the Democratic governor’s latest budget proposal would increase that rate to 35%.
Pritzker’s office says the hike, which is still lower than other big-betting states, is a slam dunk to generate an extra $200 million for the cash-strapped state. Major gambling corporations argue it’ll block growth in a market that has ballooned into one of the biggest, most betting-hungry in the nation.
If our cost of doing business increased by double-plus-a-third, we'd seriously think about relocating. We were surprised to hear that 35% isn't even the top tax rate in the nation:
- 7% in Nevada
- 13% in New Jersey
- 20% in Ohio
- 36% in Pennsylvania
- 51% in New York
The big companies like FanDuel and Draft Kings must figure getting 49% of New York gambling is a small price to pay for their take....and they might be right. But you have to wonder if at some point there are going to be diminishing returns. And given that gambling is an addictive disease akin to alcoholism, cigarette smoking and drug use, people are going to be discouraged from partaking. That's one trouble.
The other trouble is governments (especially blue state $hitholes) are going to treat this money as an "extra" instead of paying down long-term debt. They'll fund all sorts of nonsense and ignore the $155 BILLION that Illinois is already in the hole.
Labels: state politics
posted by SCC at 12:07 AM
28 Comments:
If pay a certain 35% tax on winning bets that randomly have a 50% chance of winning, you're spending you're time working for the state.
Cash strapped??? sure wouldn't know it with the monies they spending on illegals.
Illinois lead and ruled by idiots……..
We don't need gambling tax revenue. Some random guy on the blog says the Bears contribute enough to cover our pension and anything else we could ever need. Who's actually going to that half-ass casino anyway? I'm thinking it's low income blacks and trailer trash white people who want to get that big score. Anyone who actually has money to spend in a casino won't be spending it in Chicago. Online betting is more widespread, along with those video poker machines popping up at every restaurant and bar. Increase the state's cut of the gambling revenue, and you'll see fewer places willing to deal with the problems associated with video gambling. Illinois will never be Vegas, and gambling won't save the state from its incredible debt.
Sure, use it to fund the pension obligations.
NOT to throw free handouts at the the invasion of illegal aliens.
Being a democrat means enjoying watching the decay of your city, state , country.
That is all
19-P
I was all for legalizing sports betting until I realized it’s all fake scripted and rigged. (Allegedly, could it be of course?) Including the college ranks.
Rule of thumb if you can bet on it, it is rigged.
More dollars to dole out to the corrupt politicians cronies
I'm moving to Red sane state!
Illinois, Crook County and Shitcago are really fucked up business unfriendly areas and legalized thieving governments!
Why anyone would stay here, if do NOT have to!
Pony up you degenerate gamblers. Our new arrivals need things.
No keeses for Jelly Belly Pigster.
This betting on your phone is going to destroy people's lives. F-em, tax the living daylights out of them.
Cash strapped State?????? If we are strapped for cash how can he be proposing this??
SPRINGFIELD, Ill. – Illinois lawmakers are considering a bill that would create a state-based guaranteed income program..........According to the bill’s language, those potentially eligible for $1,000 cash payments ....regardless of immigration status
https://wgntv.com/news/illinois/illinois-considers-1000-per-month-guaranteed-income-program/?fbclid=IwAR3LR5Ak1E7gwTbz7Nbry-SnDl3KG75D3ShwdlcHXNCOHSLzMhC1Vbnnsmc_aem_AU9S-zwcFzvHhX2g-Ebz-mX0IJbXgQt9pOEMQLoo9pfhS1iOuj8_TfB5iRT-pcW2r_iaVMv8eZct9L5nKzUTrEjb
Lots of degenerate gamblers in Chicago area. Lots of 20 something’s only drink and gamble for recreation in Chicago. More than enough to go around for the house and the state. Should have sports book kiosks in both airports and in every Board of Ed facility. Bet more. Fund my pension.
Yep, all those vices would have been outlawed were it not for the state to put their grubby mitts on their end. Remember when you weren't supposed to go to church, attend weddings, wakes, funerals, have Christmas and Thanksiving gatherings because of the "science" JumBo said he was following? They never closed the casinos, did they? This fat blob makes me sick. Who knew there was no weight limit on panderers?
The other trouble is governments (especially blue state $hitholes) are going to treat this money as an "extra" instead of paying down long-term debt. They'll fund all sorts of nonsense and ignore the $155 BILLION that Illinois is already in the hole.
Amen brother...
I don't think anybody realizes how bad the looming state and local budget battles will be now that federal COVID funds are drying up.
Instead of using the fed windfall to pay down legacy debt they literally created programs out of thin air like "universal income" to give it away.
This shit is going to ruin a lot of lives.
Anonymous Anonymous said...
We don't need gambling tax revenue. Some random guy on the blog says the Bears contribute enough to cover our pension and anything else we could ever need. Who's actually going to that half-ass casino anyway? I'm thinking it's low income blacks and trailer trash white people who want to get that big score. Anyone who actually has money to spend in a casino won't be spending it in Chicago. Online betting is more widespread, along with those video poker machines popping up at every restaurant and bar. Increase the state's cut of the gambling revenue, and you'll see fewer places willing to deal with the problems associated with video gambling. Illinois will never be Vegas, and gambling won't save the state from its incredible debt.
3/29/2024 01:16:00 AM
You forgot to include the Mexicans. Mexicans gamble too.
Asians are big time gamblers also. At Rivers casino, they have a separate room for the big money gamblers and you'll see a lot of Asians.
Took a Lyft ride from ORD a couple of weeks ago and watched the driver monitoring the B-Ball game on his phone running a betting app, and the robot giving him driving directions, AND the traffic on the road.
Good thing it was 11pm.
If you win and cash out do you get hit with the same tax?
This is why I bet with the same guy I’ve been with for 30 years. Straight cash and no taxes. Fuck you , pay me!
All this does is push gambling back under the table. Why pay taxes on it if you can go to your local bookie...you aren't taxed on your winnings and bookie isn't taxed on his winnings. It used to be illegal because it was considered a vice...now it is illegal because the Govt doesn't get their cut.
15 sounds low but 35 seems high. I'd split the difference. Can always jack it up again later but you don't want to go too high and kill off the business.
Jack up all the sin taxes. I don’t gamble smoke and really drink. Increase price on lotto. It wont deter gamblers. Ever see these morons buying lotto at 7/11? Just burn through the cash on impossible odds. 10x on the price of all lotto. They’ll bitch for a few days then show up to buy. Let the suckers pay the bills. Hahahahahahahahahahahaah
The amount of money the state is making on all types of gambling is astonishing. I found the Illinois Gaming Board website and you can check on the receipts from casino gambling and video gaming machines. You can check by the name of the establishment or the municipality the games are in. So checking the northwestern Illinois small town I was stunned when I found that the average amount wagered on all the town video gaming devices was almost $11 million. That’s correct, $11 million. Now that’s the amount bet but not the amount of the actual cash put into the machines. You put in $20.00 and win during the course of play $100.00 but bet back $80 equals the amount bet of $100 but actual money is only $20.00. The bottom line, about $900K a month is the actual amount played. Out of that amount there are payouts, state share, video game owner share, and the establishment share. My local adult beverage location makes about $18,000.00 a month. A couple of billion dollars a year are dumped into the state coffers and where is all this $$$ money going?
No one remembers tobacco taxes? Government made millions, them millions more with lawsuits. Why would gambling be any different?
If you’re interested in gambling here’s a play. Put a hundred dollar bill hanging out of your back pocket and take a walk down Michigan Ave after 10PM, what are your odds?
You forgot to include the Mexicans. Mexicans gamble too.
Asians are big time gamblers also. At Rivers casino, they have a separate room for the big money gamblers and you'll see a lot of Asians.
3/29/2024 09:04:00 AM
I thought the Asians still took the bus into Indiana to gamble. I didn't know Mexicans were into legal gambling. I just thought they bet on cockfights. I could see them putting down some serious coin on boxing though.
The 35 percent rake takes the gambling out of gambling. When they introduced Texas Holdem and other poker, the rake was set at seven percent, because the parimutuel horse rake was seven percent. Now this?
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