Last month, Illinois lawmakers made a new attempt to give the green light to online gambling as a means of further growing the market following the legalization of sports betting five years ago.
Then, State Representative Edgar Gonzalez and Senator Cristina Castro submitted House Bill 3080 and Senate Bill 1963, hoping to allow licensees to operate as many as three online gaming brands.
The proposal would also considerably increase the state’s revenue by making slots and table games easily accessible to digital and mobile platform users.
Illinois, “Gambling With Its Financial Future”
Last week, Gonzalez introduced his proposal to fellow House representatives in the Prairie State during a panel talk.
He then took the opportunity to further emphasize the financial perks of the legalization procedure.
“If we had something like igaming, we would have still had a financial fallback in spite of gross negligence by the first Trump administration. Illinois is gambling with its financial future by delaying the adoption of igaming,” he strongly argued.
In other words, Gonzalez’s remarks suggest that the state could be missing out on a vital revenue stream by choosing not to allow online casinos to function.
FanDuel lobbyist James Hartmann also spoke in favor of the proposal, pointing out that many Illinois residents already use offshore gambling platforms.
“Whether or not you choose to pass legislation legalizing igaming, it is already here. Right now, you can take out your phone and in five minutes, be gambling real money slot machines from the app store, unregulated and untaxed,” he explained.
$775M in Tax Revenue Within 5 Years
If voted, House Bill 3080 would legalize online casinos in Illinois, potentially generating significant tax revenue.
According to a report issued by research firm that services the gaming equipment, sports, and interactive gaming sectors, Eilers & Krejcik, the proposal could bring in $775 million in tax revenue over five years.
Even more, the same analysis showed that projections could reach up to $1 billion provided a higher tax rate would be applied.
Despite the potential benefits, some opponents of the bill fear the potential negative impact of online casinos over racetracks and riverboat casinos, which could, in their opinion, be faced with a significant drop in patronage.
Among those speaking against House Bill 3080 are businesses involved in legal video gambling and local gambling venues.