Illinois lawmaker proposes removing prediction market tax
By SectorWire desk ·
Summary
Illinois Republican state representative Travis Weaver introduced House Bill 5811 to remove a prediction market tax. Illinois amended its sports betting law through the state budget to tax certain sports-event contracts as exchange wagers; Kalshi and the CFTC challenged that change in court.
Why it matters
The bill seeks to remove Illinois’s prediction market tax, whose application Kalshi and the CFTC challenged in court.