Illinois reports $2.08bn in state tax revenue from gaming so far in 2024
The state provided a year-to-date update on statewide wagering.
Key Points
- Video gambling and sports betting contributed to the rise in wagers
- Betting increased by almost 5% year-over-year
Illinois’ Commission on Government Forecasting and Accountability has published a wagering update for 2024.
In the report, the commission gave updates on sports betting throughout the state, as well as “further analysis of state gaming with the focus on casino gambling, video gaming, the Lottery and horseracing.”
For the first 11 months of 2024, Illinois’ share of tax revenue from gambling reached $2.08bn, an increase of 4.8% year-over-year.
The commission explained the boost in activity by saying, “This surge is in large part due to changes that continue to be implemented by the 2019 gaming expansion package and subsequent trailer bills.
“The most significant increases have come from the video gaming and sports wagering industries. Other new projects are expected to expand gaming further including the development of three permanent casinos in Illinois, one of which is to be a 4,000 position Chicago Casino.”
Good to know: Illinois first legalized video gambling in 2009
Adjusted gross receipts (AGR) from the state’s casinos reached nearly $1.62bn for FY2024, reflecting an increase of 13.2%, according to the report.
The commission said the growth was “largely a result of new casinos beginning operations in Carterville and Chicago.”
“With this growth, the FY 2024 AGR total continued to grow beyond recent pre-pandemic levels and appears to indicate a reversal of the generally downward trend of casino revenues over the past decade,” the commission added.
The state also reported a decrease in the average tax rate for the year. The rate fell from 27.3% in the 2020 fiscal year to 20% in 2024.
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