Illinois lawmakers propose prediction-market licensing and 50% tax
Illinois lawmakers introduced Senate Bill 4168 on 5 March, proposing a state licensing framework for prediction-market operators overseen by the Illinois Gaming Board. The bill would set initial and annual renewal fees at $1m and impose a 50% privilege tax on adjusted gross receipts from qualifying contracts involving Illinois residents. Sports-related contracts would be excluded from the proposed framework.
The proposal would require operators to obtain a state licence and pay a 50% tax on qualifying Illinois revenue.