Illinois Gov. JB Pritzker signed the state’s $53.1 billion budget for Fiscal Year 2025 into law Wednesday, ushering in a fundamental change to sports betting tax rates in one of the largest marketplaces in the United States starting July 1.
HB 4951 passed during an all-night legislative session one week ago, with the House of Representatives voting in favor of concurrence for five Senate amendments after the bill passed in the upper chamber.
Pritzker’s original budget ask in February proposed more than doubling the tax rate from the current 15% to 35% as a means of raising an estimated $200 million in revenue, but the progressive tax that passed in the bill gained momentum during the Memorial Day holiday weekend after being introduced May 25.
“The FY25 budget is another demonstration of the fiscal responsibility that has guided me from Day 1 of my administration,” Pritzker said. “This budget is balanced, pro-family, cuts taxes on workers, and opens up doors of opportunity for employers and employees alike. I'm proud to sign it today and look forward to working together to bring these investments to life in a healthier, more prosperous Illinois.”